Home|Discussion Forum|Communities|Professional Search|Law Dictionary|Bare Acts|Law Schools|State Bare Acts|Free Judgement Search|Law quotes
Articles  |    Humor    |    Law Digest
Bare acts search

Bare acts > State Financial Corporations Act, 1951 > Section 41


41. Indemnity of directors.- (1) Every director shall be indemnified by the Financial Corporation against all losses and expenses incurred by him in the discharge of his duties except such as are caused by his own wilful act or default.

(2) A director shall not be responsible for any other director or for any officer or other employee of the Financial Corporation or for any loss or expenses resulting to the Financial Corporation by the insufficiency or deficiency of value of or title to any property or security acquired or taken on behalf of the Financial Corporation or by the wrongful act of any person under obligation to the Financial Corporation or by anything done in good faith in the execution of the duties of his office or in relation thereto. 41A. Protection of action taken by persons appointed under section 27 or section 32A.





A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z



Quick Links     
Family LawsInsurance LawsEnvironmental lawTax LawFDI 
Company LawTelecommunication LawLabour LawsCentral RulesRBI 
Business & Commercial LawsConsumer lawsCorporate lawsCriminal lawsSEBI 
Intellectual Property lawMedia & Press lawsPharma & Medical lawsProperty lawFEMA 
Debt Recovery LawsAmendmentsProfessional lawBanking LawsLegal Links 




Privacy PolicyDisclaimer

Copyright @2010