Liability of Chairman, Vice-Chairman and members for loss, waste or misapplication of property.

(1) The Chairman, Vice-Chairman and every member of a market committee shall be liable for the loss, waste or misapplication of any money or other property owned by, or vested in, the market committee, if such loss, waste or misapplication is a direct consequence of his neglect or misconduct; and a suit for compensation may be instituted against him in any court of competent jurisdiction by the market committee with the previous sanction of the Director. (2) Every such suit shall be commenced with in three years after the date on which the cause of action arose.