Liability for loss, damage etc

Liability for loss, damage etc.--(1) The Chairman, Vice-Chairman, the Managing Director or any other member or any employee of the Corporation shall be liable to damages for the loss, waste or misapplication of any money or property of the Corporation, if such loss, waste or misapplication is a direct consequence of his misconduct while acting as such Chairman, Vice-Chairman, Managing Director or member or employee.

1. (2) The procedure for fixing liability shall be such as may be prescribed.