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Liability of prescribed body for acts, omissions etc.
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97. The Principal Act is amended by the insertion of the following section after section 942:
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“942A. (1) Neither a prescribed body nor any person who is or was—
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(a) a member or director, or
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(b) other officer or employee,
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of the prescribed body shall be liable for damages for anything done, anything purported to be done or anything omitted to be done by the prescribed body or that person in performing the functions specified in subsection (2) unless the act or omission is shown to have been in bad faith.
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(2) Subsection (1) applies to the issuing of accounting standards.
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(3) In this section, 'prescribed body' means a body prescribed under section 943(1)(h).”.
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