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South African Reserve Bank Act, 1989 (Act No. 90 of 1989)

Regulations Relating to the South African Reserve Bank

Chapter IV : Directors

17. Limitation of liability



17.1) A director of the Bank shall not be liable to the Bank or any other person, for-
a) the acts or omissions of any other director or official of the Bank;
b) any damages, loss or expense which may arise from the performance of the director's duties, unless caused by his or her gross negligence, recklessness or dishonesty.


17.2) The Bank shall indemnify its directors, and the Board shall authorise the payout of the funds of the Bank, against any cost, loss or expense which a director may incur or become liable for through the performance of his or her duties, except through gross negligence, recklessness or dishonesty.


17.3) The limitation on a director's liability and the indemnity operating in favour of a director will also operate in favour of an official or employee of the Bank to whom the Board has delegated any power or responsibility.