Building Societies Act, 1976

Liability of officer.

71.—(1) Any provision (whether contained in the rules of a society or in any contract with a society or otherwise) for exempting an officer of a society from, or indemnifying him against, any liability which by virtue of any rule of law would otherwise attach to him in respect of any negligence, default, breach of duty or breach of trust of which he may be guilty in relation to the society shall, subject to subsection (2), be void.

(2) (a) Nothing in this section shall operate to deprive any person of any exemption or right to be indemnified in respect of anything done or omitted to be done by him before the commencement of this section.

(b) A society may indemnify such officer against any liability incurred by him in defending proceedings, whether civil or criminal, in which judgment is given in his favour or in which he is acquitted, or in connection with any application under section 72 in which relief is granted to him.