Lawgist44Indemnity of Directors
(1) Every Director shall be indemnified by the Small Industries 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 Small Industries Bank or for any loss or expenses resulting to the Small Industries Bank or from the insufficiency or deficiency of the value of, or title to, any property or security acquired or taken on behalf of the Small Industries Bank or the insolvency or wrongful act of any debtor or any person under obligation to the Small Industries Bank or anything done in good faith in the execution of the duties of his office or in relation thereto.
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- 33 Staff of Small Industries Bank
- 34 Delegation of powers
- 35 Returns
- 36 Obligations as to fidelity and secrecy
- 37 Defects in appointment not to invalidate acts, etc
- 37A Amounts and securities to be held in trust
- 38 Rights of Small Industries Bank in case of default
- 39 Power to seek assistance of Chief Metropolitan Magistrate or District Magistrate
- 40 Power to call for repayment before agreed period
- 41 Special provisions for enforcement of claims by Small Industries Bank
- 42 Small Industries Bank to have access to records
- 43 Validity of loan or advance not to be questioned
- 44 Indemnity of Directors
- 45 Protection of action taken under this Act
- 46 Nomination by depositors or holders of bonds or other securities
- 47 Arrangement with Small Industries Bank on appointment of directors to prevail
- 48 Act 18 of 1891 to apply in relation to Small Industries Bank
- 49 Act 10 of 1949 not to apply to Small Industries Bank
- 50 [Omitted.]
- 51 Liquidation of Small Industries Bank
- 51A Power to make rules by Central Government
- 52 Power to make regulations
- 53 [Repealed]
- 54 Power to remove difficulties
