Indemnity to directors

General198529 of 29 sections available5 chapters

Chapter V MISCELLANEOUS

Statutory text

(1) Every director shall be indemnified against all losses and expense incurred by him in the discharging of his duties except such as are caused by his own willful act or default.
(2) A director shall not be responsible for the acts any other director or for the acts of any officer or other employee of the Corporation or for any loss or expenses resulting to the Corporation by the insufficiency or deficiency of value of, or tie, to, any property or security acquired or taken on behalf of the Corporation in good faith, or by the insolvency or wrongful act of any debtor or any person under obligation to the Corporation, or anything done in good faith, in the execution of the duties of his office or in relation thereto.

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