Amendment status not verified — confirm the current text below against the official source.
Liability of President, Vice-President, Chairman, Vice- Chairman an member of loss, waste or mis-application. ---(1) The President, Vice-President and every member of the Board and Chairman, Vice- Chairman and every member of a market committee shall be liable for the 39 loss, waste or mis-application of any money or other property owned by, or vested in the Board r, as the case may be, in a market committee if such loss, waste or mis-application is a direct consequence of his neglect or misconduct and a sit for compensation may be instituted against him in any court of competent jurisdiction by the Director. (2) Every such suit shall be instituted within three years after the date on which the cause of action arose.