law: State Financial Corporations Act, 1951 
  41. Indemnity of Directors 
  (1) Every Director shall be indemnified by the Financial
  
  Corporation against all losses and expenses incurred by him in the discharge of
  
  his duties except such as are caused by his own willful act or default.
  (2) A Director shall not be responsible for any other Director
  
  or for any officer or other employee of the Financial Corporation or for any
  
  loss or expenses resulting to the Financial Corporation by the insufficiency or
  
  deficiency of value of or title to any property or security acquired or taken
  
  on behalf of the Financial Corporation or by anything done in good faith in the
  
  execution of the duties of his office or in relation thereto.