[30. Liability of directors, etc., for loss due to contravention of section 27, 27A, 27B, 27C, 27D or section 29.--If by reason of a contravention of any of the provisions of section 27, 27A, 27B, 27C, 27D or section 29, any loss is sustained by the insurer or by the policyholders, every director, manager or officer who is knowingly a party to such contravention shall, without prejudice to any other penalty to which he may be liable under this Act, be jointly and severally liable to make good the amount of such loss.]
Section 30: Liability of directors, etc.,for loss due to contravention of section 27,27A,27B,27C,27D or section 29.
The Insurance Act, 1938Central Act · Act 4 of 1938
Where this provision sits
| Act | The Insurance Act, 1938 |
|---|---|
| Section | 30 |
| Marginal note | Liability of directors, etc.,for loss due to contravention of section 27,27A,27B,27C,27D or section 29. |
| Jurisdiction | Central |
| Status | In force as published by the source |
How this provision has been amended
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
- substituted, Act 5 of 2015. . Subs. by Act 5 of 2015, s. 29, for section 30 (w.e.f. 26-12-2014).
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