56Liabilities arising from administration

56 Liabilities arising from administration

(1) If a patriotic fund incurs any loss because of any breach of fiduciary duties or fraud, dishonesty, negligence or wilful failure to comply with this Act or the regulations by an administrator, the administrator is liable for the loss.

(2) An administrator is not liable for any loss that is not a loss to which subsection (1) applies but must account for the loss in any report required by the Director under section 54.