(1) Except as provided
in subsection (4), a statutory manager, or a person acting at the direction of
a statutory manager, is not liable for any loss incurred by an incorporated
association in respect of the period of the statutory manager’s
appointment.
(2) The Commissioner
or the State is not liable for —
(a) any
loss incurred by an incorporated association in respect of the period of a
statutory manager’s appointment; or
(b) any
act or omission of a statutory manager or a person acting at the direction of
a statutory manager.
(3) Subsection (1)
does not affect the duty of a statutory manager to provide information to the
Commissioner in respect of any loss in a report under section 115.
(4) A statutory
manager is liable for a loss incurred by the incorporated association in
respect of the period of the statutory manager’s appointment because of
the statutory manager’s —
(a)
fraud or dishonesty; or
(b)
negligence; or
(c)
wilful failure to comply with this Act or the rules of the association.