Indemnity of Director.

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