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Section 41 – The State Financial Corporation Act,1951

<h2The State Financial Corporation Act,1951

Section 41. Indemnity of directors

(1) Every director shall be indemnified by the Financial Corporation against all losses as are caused by his own wilful act or default.

(2) A director shall not be responsible for any director or for any officer or other employee of the Financial Corporation or for any loss or expenses resulting to the Financial Corporation by the insufficiency or deficiency of value of or title to any property or security acquired or taken on behalf of the Financial Corporation or by the wrongful act of any person under obligation to the Financial Corporation or by anything done in good faith in the execution of the duties of his office or in relation thereto.

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The State Financial Corporation Act,1951

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