63Liability for losses incurred during administration

63 Liability for losses incurred during administration

63 Liability for losses incurred during administration

(1) An administrator of a loan fund company is not liable for any loss incurred by that company during the administrator’s term of office unless the loss was attributable to:

(a) the administrator’s wilful misconduct,

(b) the administrator’s gross negligence, or

(c) the administrator’s wilful failure to comply with any provision of this Act or the regulations, or of the articles of association of the company so far as those articles are applicable to the directors or the board of directors of the company.

(2) Neither the Crown, the Minister nor the Supervisor is liable for any loss incurred by a loan fund company during the term of office of an administrator, whether or not the administrator is so liable.