Lawgist54Indemnity of directors
(1) Every director shall be indemnified by the National Bank 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 own wilful act or default.
(2) A director shall not be responsible for any other director or for any officer or other employee of the National Bank or for any loss or expenses resulting to the National Bank from the insufficiency or deficiency of the value of, or title to, any property or security acquired or taken on behalf of the National Bank or the insolvency or wrongful act of any debtor or any person under obligation to the National Bank or anything done in good faith in the execution of the duties of his office in relation thereto.
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- 51 Obligation as to fidelity and secrecy
- 52 Defects in appointment not to invalidate acts, etc
- 52A Agreement with National Bank on appointment of directors to prevail
- 53 Protection of action taken under the Act
- 54 Indemnity of directors
- 55 [Omitted]
- 56 Penalties
- 57 Offences by companies
- 58 Bankers' Books Evidence Act, 1891, to apply in relation to National Bank
- 59 Liquidation of National Bank
- 60 Power of Board to make regulations
- 61 [Repealed.]
- 62 Power to remove difficulty
