Pension Funds Act, 1956 (Act No. 24 of 1956)Chapter III : Manner of Administration and Powers of Registered Funds7F. Liability of board member |
| (1) | In any proceedings against a board member in terms of this Act, other than for wilful misconduct or wilful breach of trust, the court may relieve the board member from any liability, either wholly or partly, on terms that the court considers just, if it appears to the court that— |
| (a) | the board member has acted independently, honestly and reasonably; or |
| (b) | having regard to all the circumstances of the case, including those connected with the appointment of the board member, it would be fair to excuse the board member. |
[Section 7F inserted by section 11 of Act No. 45 of 2013]