Section 10G: Immunity

10G. Immunity.__ (1) No suit, prosecutions or any other legal proceedings or action, in damages or otherwise shall lie against SIFC or any of its members or consultants for any act done, procedural lapse sufferd, or omission made, in exercise or performance of any functions, power or duty conferred or imposed by or under this Chapter. (2) Notwithstanding anything contained in any other law for the time being inforce, as investigating agency, anti-graft agency, law enforcement agency or a court shall not inquire into or initiate investigation in relation to, inter alia, any commercial transaction, arrangement or agreement made under this chapter, unless there exists material evidence of mala fides or bad faith on part of any person involved in the said commercial transaction, arrangement or agreement. (3) No person shall be liable in his personal capacity for any action taken in his official capacity. (4) Any procedural irregularity or lapse shall not affect, vitiate, set-aside, annul or rescind, inter alia, any transaction, arrangement or agreement under this Chapter.

Effective date: 2001-01-01

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