Amendment status not verified — confirm the current text below against the official source.
(1) A member of the Institute Governing Body, any authority or other body of the Institute or, as the case may be, an officer, teacher, or other employee of the Institute shall be liable to surcharge for the loss, waste or misapplication of any money or property or the Institute, if such loss, waste or misapplication is a direct consequence of his neglect of misconduct. (2) The procedure of imposing surcharge and the manner of recovery of the amount involved in such loss, waste or misapplication shall be such as may be prescribed.