Indemnity of Director

(1) Every Director shall be indemnified by the Corporation against all losses and expenses incurred by him in the discharge of his duties except such as are caused by his own wilful act or default. (2) A Director shall not be responsible for any other Director, or for any officer of other employee of the Corporation or for any loss or expenses resulting to the Corporation from the insufficiency or deficiency of value of, or title 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. 1 Substituted for the words "Chairman" vide H.P. Act No. 16 of 1981, and validated by Act No.13 of 1984, effective from 25th August, 1981. 2 The words "the Managing Director" omitted vide H.P. Act No. 16 of 1981, and validated by Act No.13 of 1984, effective from 25th August, 1981. 16 THE HIMACHAL PRADESH EX-SERVICEMEN CORPORATION ACT, 1979

1. (2) A Director shall not be responsible for any other Director, or for any officer of other employee of the Corporation or for any loss or expenses resulting to the Corporation from the insufficiency or deficiency of value of, or title 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. 1 Substituted for the words "Chairman" vide H.P. Act No. 16 of 1981, and validated by Act No.13 of 1984, effective from 25th August, 1981.

2 The words "the Managing Director" omitted vide H.P. Act No. 16 of 1981, and

validated by Act No.13 of 1984, effective from 25th August, 1981.

16 THE HIMACHAL PRADESH EX-SERVICEMEN CORPORATION ACT, 1979