VII.  Indemnity and Exemption

82. Every Director and officer of the Managers and employee and agent of the Managers to whom duties of the Managers have been entrusted shall be indemnified by the Association against all costs, liabilities, losses, damages and expenses (including but not limited to liabilities under contract, tort and statute or any applicable foreign law or regulation and all reasonable legal and other costs and expenses properly payable) incurred or suffered by him as such Director, officer, employee or agent of the Managers (as the case may be). Provided that the indemnity shall not extend to any matter which would render it void at law.

83. Every person specified in Bye-Law 82 above shall be indemnified against all liabilities incurred by him as such Director, officer, employee or agent of the Managers in defending any proceedings, whether civil or criminal, in which judgement is given in his favour, or in which he is acquitted, or in connection with any application under the relevant law in which relief from liability is granted to him by the court.

84. No person specified in Bye-Law 82 above shall be liable for the acts, neglects or defaults of any other such person, or for any loss or expense happening to or incurred by the Association through the insufficiency or deficiency of title to any property acquired by order of the Board for or on behalf of the Association, or for the insufficiency or deficiency of any security in or upon which any of the moneys of the Association may be or have been invested, or for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person with whom any moneys, securities or effects are or have been deposited, or for any loss occasioned by any error of judgement, omission, default or oversight on his part, or for any other loss, damage or misfortune whatever which happens in relation to the Association, subsidiaries or representative offices thereof. Provided that the exemption of liability contained in this Bye-Law shall not extend to any matter which would render it void at law.