Liability of Commissioner of the City Corporation and Councillor for loss, waste or misapplication of fund, etc

for loss, waste or misapplication of fund, etc.- (1) The Commissioner of the City Corporation and every councillor shall be liable for the loss, waste or misapplication of any money or other property owned by or vested in the City Corporation, if such loss, waste, or misapplication is a direct consequence of his wilful neglect or misconduct and a suit for compensation may be instituted against him by the City Corporation with the previous sanction of the Government.

1. (2) Every such suit shall be commenced within three years after the date on which the cause of action arose.