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Indemnity.
162. The General Managers, Managing Director, Indemnity. Directors, Manager, Secretary and every officer or servant of the Company shall be indemnified by the Company against, and it shall be the duty of the Directors out of the funds of the Company to pay all costs, losses and expenses which the General Managers, Managing Director, Directors, Manager, Secretary, or any such officer or servant may incur or become liable for by reason of any con- tract entered into, or act or thing done as such General Managers, Managing Director, Director, Manager, Secre- tary, officer or servant, or in any other way in the discharge of their or his duties, including travelling expenses; and the amount for which such indemnity is provided shall immediately attach as a lieu on the pro- perty of the Company, and have priority as between the members over all other claims.
163. The General Managers, Managing Director, Individual Directors, Manager, Secretary and Officers of the Com- responsibi-
shall not be liable for the acts, receipts, neglects or pany
lity of Directors, defaults of any other person holding any office under the etc. Company or for joining in any receipt or other act for conformity, or for any loss or expense happening to the Company through the insufficiency or deficiency of title. to any property acquired for or on behalf of the Company, or for the insufficiency or deficiency of any security in or upon which any of the moneys of the Company shall be invested, or for any loss or damage arising from the bankruptcy, insolvency, or tortious act of any person with whom any moneys, securities or effects shall be deposited, or for any loss occasioned by any error of judg- ment, or oversight on their or his part, or for any other loss, damage or misfortune whatsoever which shall happen in the execution of their or his office or in relation thereto, unless the same happen through his own dishonesty.
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