(1) It shall be the duty of every authority or body and officer of the university to ensure that the interests of the university are duly safe guarded.
(2) If it is found that a damage or loss has been caused to the university by any action on the part of any authority or body or officer of the university not in conformity with the provisions of this Act, Statutes, Ordinances or Regulations, except when done in good faith, or any failure so as to act in conformity thereof, by wilful neglect or default on its or his part, such damage or loss shall be liable to be recovered from the authority or body or concerned members thereof, jointly or severally, or from the officer concerned, as the case may be, in accordance with the procedure prescribed by the Statutes.