“819 (1) This section applies where:

• (a)at a time when a person (in this section called the ‘representative’) is a representative of only one person (in this section called the ‘indemnifying principal’) or of 2 or more persons (in this section called the ‘indemnifying principals’), the representative, whether within or outside this jurisdiction:
  • (i)engages in particular conduct; or
  • (ii)proposes, or represents that the representative proposes, to engage in particular conduct;
• (b)another person (in this section called the ‘client’) does, or omits to do, a particular act, whether within or outside this jurisdiction, because the client believes at a particular time in good faith that the representative engaged in, or proposes to engage in, as the case may be, that conduct:
  • (i)on behalf of some person (in this section called the ‘assumed principal’) whether or not identified, or identifiable, at that time by the client; and
  • (ii)in connection with a securities business or investment advice business carried on by the assumed principal; and
• (c)it is reasonable to expect that a person in the client’s circumstances would so believe and would do, or omit to do, as the case may be, that act because of