Housing Development Agency Act, 2008
R 385
South African Reserve Bank Act, 1989 (Act No. 90 of 1989)Regulations Relating to the South African Reserve BankChapter IV : Directors17. 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. |
