Section 60: Limitation of action in relation to Resolution Cost Fund (amended by Section 8 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015)

(1)
Without prejudice to sub-section (3) of this section-
(a)
no suit shall lie or be instituted against the Resolution cost Fund, a member of the Board of Trustees or any person acting on behalf of the Resolution Cost Fund for any act done under or in execution of this Act unless it is commenced within 3 months after the act, neglect or default complained of, or in the case of a continuing act, neglect or default, within 3 months after the ceasing thereof; and
(b)
no suit shall be commenced against the Resolution Cost Fund, a member of the Board of Trustees or any person acting on behalf of the Resolution Cost Fund before the expiration of 1 month after written notice of intention to commence the suit shall have been served on the Resolution Cost Fund by the intending plaintiff or his agent; and the notice shall clearly and explicitly state the cause of action, the particulars of the claim, the name and place of abode of the intending plaintiff and the relief which he claims.
(2)
In any action or suit relating to the Resolution Cost Fund no injunction or order in the nature thereof shall be issued against the Resolution Cost Fund or any asset of the Resolution Cost Fund; and no execution or attachment or processes in the nature thereof shall be issued against moneys standing to the credit of the Resolution Cost Fund but any sums of money which may, by the judgement of a court be awarded against the Resolution Cost Fund, shall, subject to any directions given by the court where notice of appeal has been given by the Resolution Cost Fund, be paid from moneys standing to the credit of the Resolution Cost Fund.
(3)
Neither the Resolution Cost Fund, nor the Board of Trustees nor any person engaged by the Resolution Cost Fund or the Board of Trustees in connection with the performance of the functions of the Board of Trustees or the business of the Resolution Cost Fund, shall be subject to any action,claim or demand by or liability to any person in respect of anything done or omitted to be done in good faith in pursuance or in execution of or in connection with the execution or intended execution of any power or function conferred on the Board of Trustees.
(4)
Every member of the Board of Trustees or agent for the time being of the Resolution Cost Fund shall be indemnified out of the assets of the Resolution Cost Fund against any liability incurred by him in defending any civil proceedings, if such proceeding is brought against him in his capacity as a member or agent:
Provided that nothing in this subsection shall be construed as entitling a member of the Board of Trustees to be indemnified against liability arising from the breach of the fiduciary or other duties imposed by section 60J (3) of this Act.