State Agricultural Credit Corporations Act, 1968
41. Indemnity of director.
- Every director shall be
indemnified by the Corporation against all losses and expenses incurred by
him in the discharge of his duties except such as are caused by his own willful
act or default.
- A director shall not be
responsible for anything done or omitted to be done by any other director
or officer or other employee of the Corporation or for any loss or
expenses resulting to the Corporation by the insufficiency or deficiency
of value of, or title to, any property or security acquired or taken on
behalf of the Corporation 184.in good faith, or by the wrongful act of any
auditor or any person under obligation to the Corporation, or by anything
done in good faith in the execution of the duties of his office or in
relation there to.
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