Section 17: Indemnity of members, directors, officers or servants — Corporate Industrial Restructuring Corporation Ordinance, 2000

Expired / historical — retained for reference — Source: Pakistan Code (single official PDF, 2026-08-21). Whether this provision is still in force has not been independently verified.

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17. Indemnity of members, directors, officers or servants.—(1) A director shall not be personally responsible for the acts of any other director or of any member or officer or servant of the Corporation or for any loss or expenditure of 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 for anything done by him in good faith in the discharge of his duties. (2) No suit, prosecution or legal proceedings shall lie against the Corporation, the Chairman of the Board, the Chief Executive, the directors, members or officers and servants of the Corporation, in respect of anything done or intended, to be done in good faith under this Ordinance. CHAPTER III. — POWERS AND FUNCTIONS OF THE CORPORATION

Effective date: 2000-01-01

Related sections

Section 16: Employees of the Corporation to be public servants Section 18: Business which the Corporation can transact Section 15: Qualifications and disqualifications of directors Section 19: Corporation not to be a banking company Section 14: Meeting of the Board and the Administration Committee Section 20: Financial Institutions to which the provisions of this Ordinance shall apply

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