Section 21: Indemnity of Directors. ⸻(1) Every Director shall be indemnified by the Corporation

21. Indemnity of Directors. ⸻(1) Every Director shall be indemnified by the Corporation against all losses and expenses incurred by him in the discharge of his duties except such as are caused by his own wilful act or default. (2) A Director shall not be personally responsible for the acts of any other Director or of any officer, adviser or employee 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 a liability to the Corporation, or by anything done by him in good faith in the execution of the duties of his office. 1[21A.⸻(1) The annual statement of accounts referred to in section 18, together with the audit report and test audit report of the Auditor-General on the accounts of the Corporation, undertakings and Companies referred to in section 19 shall be placed by Government before the 4[National Assembly] as soon as possible after they are received, and the 2[National Assembly] shall refer the same to its Committee on Public Accounts for scrutiny. (2) The Committee on Public Accounts shall scrutinize and examine the reports referred to it under sub-section (1) in the same manner as, and shall in respect thereof perform the same functions and exercise the same powers as are required by it to be performed and exercised in respect of appropriation account of the Provincial Government and the report of the Comptroller and Auditor- General of Pakistan thereon.]

Effective date: 1962-01-01

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