Section 22: Indemnity of Directors — Investment Corporation of Pakistan Ordinance, 1966

Current legal status not independently verified — Source: Pakistan Code (single official PDF, 2026-08-21). Whether this provision is still in force has not been independently verified.

Discuss this provision with AI

22. Indemnity of Directors.__ (1) Every Director shall be indemnified by the Corporation against all losses and expenses reasonably incurred by him in the discharge of his duties except such as are caused by his own willful act, negligence or default. (2) A Director shall not be personally responsible for the acts of any other Director or of any officer or servant of the Corporation for any loss or expense resulting to the Corporation by reason of the insufficiency or deficiency in value of or title to any property or security acquired or taken on behalf of the Corporation, or by the wrongful act of any person under liability to the Corporation, or by anything done by him in good faith in the discharge of his duties.

Effective date: 1966-01-01

Related sections

Section 21: Declaration of fidelity and secrecy. Every Director, member of the Executive Section 23: Business which the Corporation is authorised to transact. The Corporation may Section 20: Appointment of officers, advisers, etc. The Corporation may appoint such officers,Section 24: Borrowing powers Section 19: Fees for attending meetings. A Director shall be paid such fees for attending meetings Section 25: Special powers. The Corporation’s commission, brokerage, fees and other charges for

Version investment-corporation-of-pakistan-ordinance-1966~PK-FED~base · Source-traceable official reference. LawHub does not modify the official record.