Protection of the Board & Officers, No member of the Board shall be liable for the act, deceit, neglect or default of any other Board member, or for joining in any deceit or other act for conformity, or for any loss or expense occurring to the Association through the insufficiency or deficiency of title to any property acquired by order of he Board for or on behalf of the Association, for the insufficiency or deficiency of any security in or upon which any of the monies of the Association shall be invested, or for any loss or damage arising from the bankruptcy, insolvency or tortuous act of any person with whom any of the monies, securities or effects of the Association shall be deposited, or for any loss occasioned by any error of judgement or oversight on his part, or for any other loss, damage or misfortune whatever which shall happen in the execution of the duties of his office or in relation thereto unless the same shall happen through his own dishonesty.
Category: FAQs