https://www.taxtmi.com/caselaws?id=196286 Misfeasance liability for a loan sanctioned by an authorised loan committee requires proof that directors committed wilful neglect, wilful default, or conduct amounting to breach of trust. Where the board regularly delegated lending authority under the articles, subsequently confirmed the committee's decision, and evidence does not establish the basis for imputing misconduct to individual directors, they may rely on that delegated authority. An article protecting directors and officers from liability for losses absent their own wilful act or default remains effective unless inconsistent with the statute. An improvident loan alone does not establish misfeasance. en-us Sat, 16 Jan 1926 00:00:00 +0530 Fri, 24 Nov 2017 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196286 Misfeasance liability for a loan sanctioned by an authorised loan committee requires proof that directors committed wilful neglect, wilful default, or conduct amounting to breach of trust. Where the board regularly delegated lending authority under the articles, subsequently confirmed the committee's decision, and evidence does not establish the basis for imputing misconduct to individual directors, they may rely on that delegated authority. An article protecting directors and officers from liability for losses absent their own wilful act or default remains effective unless inconsistent with the statute. An improvident loan alone does not establish misfeasance. Case-Laws Indian Laws Sat, 16 Jan 1926 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196286