Indemnity of director

(1) Every director shall be indemnified by the Nigam against all losses and expenses incurred by him, in or in relation to the discharge of his duties except such as are caused by his act or omission which is an offence under any law for the time being in force. (2) A director shall not be responsible 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 by the wrongful act of any person under obligation to the Nigam or by anything done in good faith in the execution of the duties of his office or in relation thereto.