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20. LIABILITY OF COUNCIL
20.1 Liability for Loss:
In the professed execution of the Rules the Council and each Councillor
shall not be liable for any loss to the Institute arising:
20.1.1 Investment: by reason
of any investment made by the Council or any Councillor in good
faith; or
20.1.2 Agent: from the
negligence or fraud or delay of any agent instructed by the Council
or any Councillor in good faith (notwithstanding that the instruction
of such agent was not necessary or expedient and notwithstanding
any statutory provision or rule of law to the contrary); or
20.1.3 Mistake: by reason
of any mistake or omission made by the Council or any Councillor
in good faith; or
20.1.4 Delay: by reason
of any delay caused by the Council or any councillor; or
20.1.5 Deposited Funds:
by reason of all or part of the funds of the Institute being lawfully
deposited in the hands of any banker or solicitor; or
20.1.6 Security: by reason
of the insufficiency or deficiency of any security upon which
all or part of the funds of the Institute may be invested; or
20.1.7 General: from any
other act of the Council or any Councillor; unless attributable
to the Council's or a Councillor's own dishonesty or to the wilful
commission or omission of any act known by the Council or a Councillor
to be a breach of trust.
20.2 Receipt of Moneys: Subject
to clause 20.1, the Council shall be chargeable only for such moneys
as shall have actually been received by it. For the purposes of
this clause the Council shall be deemed to have received moneys
even if not actually paid to the Council if those moneys have been
credited in an account, reinvested, accumulated, capitalised, carried
to any reserve, sinking or insurance fund, or otherwise dealt with
on the Council's behalf.
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