Financial Intermediaries Act 1996
sec.57Administrator’s liability
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sec.57 Administrator’s liability
If a society incurs a loss because of fraud, dishonesty, negligence or wilful failure to comply with this Act or the society’s rules by an administrator, the administrator is liable for the loss. An administrator is not liable for other loss but must account for the loss in a report given under section 55 . (sec.57-ssec.1) If a society incurs a loss because of fraud, dishonesty, negligence or wilful failure to comply with this Act or the society’s rules by an administrator, the administrator is liable for the loss. (sec.57-ssec.2) An administrator is not liable for other loss but must account for the loss in a report given under section 55 .