Liability for damage

(1) It shall be the duty of every officer, teacher and other employee of the University to ensure that the interests of the University are duly safeguarded. (2) If it is found that any damage or loss has been caused to the University by any unlawful act not done in good faith on the part of such officer, teacher or other employee, or by any willful failure to act in conformity with the provisions of this Act, the Statutes, Ordinances, regulations or rules, or by any willful neglect or default on his part, such damage or loss shall be liable to be recovered from him in accordance with the procedure as may be prescribed by the Statutes.