97Liabilities, indemnities and guarantees

97 Liabilities, indemnities and guarantees (1) No personal liability attaches to: (a) the Public Trustee or an employee, agent or representative of the Public Trustee; or (b) a member of the Investment Board, for an act or omission in the exercise or performance, or purported exercise or performance, of a power, function or duty under this Act, or any other law in force in the Territory, if the act or omission is done or made in good faith. (2) If a person suffers damage as a result of any act or omission in the exercise or performance, or purported exercise or performance, of a power, function or duty under this Act, or any other law in force in the Territory, done or made by: (a) the Public Trustee or an employee, agent or representative of the Public Trustee; or (b) a member of the Investment Board, the person is entitled to the same remedy against the Public Trustee in his or her corporate capacity or against the Investment Board respectively as the person would be entitled to against a private person. (3) Subsection (2) applies, in relation to the Public Trustee, to damage resulting from an act or omission done or made by a person holding an office or position acting jointly with the Public Trustee only to the extent that the Public Trustee or an employee in the office of the Public Trustee has contributed to, or could by the exercise of reasonable diligence have averted, that damage. (4) Any liability incurred by the Public Trustee or the Investment Board may be enforced against the Public Trustee or the Investment Board respectively, or against the Territory, and is to be met by the Treasurer. (5) The extent of the liability of the Public Trustee or the Investment Board in particular circumstances is no greater than that of a private person in similar circumstances. Part IX Miscellaneous Public Trustee Act 1979 43 (6) If the Treasurer meets a liability incurred under this section as a result of an act or omission done or made by a person other than in good faith, the Treasurer is entitled to recover the amount of that liability from that person. (7) The Regulations may provide for one or both of the following: (a) a guarantee of the capital in a specified common fund; (b) a guarantee of a prescribed rate of return for money held as cash in a specified common fund.