South African Reserve Bank Act, 1989 (Act No. 90 of 1989)Regulations Relating to the South African Reserve BankChapter IV : Directors17. Limitation of liability |
| 17.1 | A director of the Bank shall not be liable to the Bank or any other person, for— |
| (a) | the acts or omissions of any other director or official of the Bank; |
| (b) | any damages, loss or expense which may arise from the performance of the director's duties, unless caused by his or her gross negligence, recklessness or dishonesty. |
| 17.2 | The Bank shall indemnify its directors, and the Board shall authorise the payout of the funds of the Bank, against any cost, loss or expense which a director may incur or become liable for through the performance of his or her duties, except through gross negligence, recklessness or dishonesty. |
| 17.3 | The limitation on a director's liability and the indemnity operating in favour of a director will also operate in favour of an official or employee of the Bank to whom the Board has delegated any power or responsibility. |