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Indemnification
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16. The Act of 1990 is amended by inserting the following section after section 13B (inserted by section 15):
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“Indemnification
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13C.(1) This section applies to a person who is or has been—
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(a) a member of the Agency,
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(b) a member of the Investment Committee or any committee established under section 5B,
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(c) a member of the staff of the Agency,
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(d) a member of the National Pensions Reserve Fund Commission, or
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(e) a member of the Board of the National Development Finance Agency.
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(2) Where the Agency is satisfied that a person to whom this section applies has discharged the person’s duties in relation to functions of the Agency, the National Pensions Reserve Fund Commission or the Board of the National Development Finance Agency in good faith, the Agency shall indemnify the person against any actions or claims, however they arise, in relation to the discharge by that person of those duties.
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(3) The Agency shall not be prevented from revoking an indemnity granted to, or recovering any payment made pursuant to such an indemnity from, a person who is subsequently found to have carried out his or her duties in bad faith.”
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