Sri Lanka Consolidated Acts

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Sri Lanka Accounting and Auditing Standards Act (No. 15 of 1995) - Sect 35

Protection for action taken under this Act or an the direction of the Board

35.
(1) No suit or prosecution shall lie-
(a) against the Board for any act which in good faith is done, or purported to be lone, by the Board under this Act" or
(b) against any member, officer or servant of the Board for any act which is done, or purported to be done by him in good faith under this Act or on the direction of the Board.
(2) Any expense incurred by the Board ill any suit or prosecution brought by or against the Board before any court shall be paid out of the Fund of the Board, and any costs paid to or recovered by, the Board in any such suit or prosecution shall be credited to the Fund of the Board.
(3) Any expense incurred by any such person as is referred to in paragraph (b) of subsection (1) in any suit or prosecution brought against him before any court in respect of any act which is done or is purported to be done by him under this Act or on the direction of the Board shall, if the court holds that such act was done in good faith, be paid out of the Fund of the Board, unless such expense is recovered by him in such suit or prosecution.


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