Section 93: Limitation of Action in relation to Resolution Fund, etc.

(1) Without prejudice to subsection (3), no suit shall-
(a) lie or be instituted against the Resolution Fund, a member of the Board of Trustees or any person acting on behalf of the Resolution Fund for any act done or omitted to be in pursuance or execution or intended execution of this Act unless it is commenced within three months after the act, neglect or default complained of, or in the case of a continuing act, neglect or default, within three months after the ceasing thereof; and
(b) be commenced against the Resolution Fund, a member of the Board of Trustees or any person acting on behalf of the Resolution Fund before the expiration of one month after written notice of intention to commence the suit shall have been served upon the Board of Trustees by the intending plaintiff or his agent, and the notice shall clearly state the-
(i) cause of action,
(ii) the particulars of the claim,
(iii) the name and place of abode of the intending plaintiff, and
(iv) the relief which the intending plaintiff claims.
(2) In any action or suit relating to the Resolution Fund, no injunction or order in the nature thereof shall be issued against the Resolution Fund or any asset of the Resolution Fund, and no execution or attachment or processes in the nature thereof shall be issued against money standing to the credit of the Resolution Fund but any sum of money which may, by the judgment of a Court be awarded against the Resolution Fund, shall, subject to any direction given by the Court where notice of appeal has been given by the Resolution Fund, be paid from money standing to the credit of the Resolution Fund.
(3) The Resolution Fund, the Board of Trustees, or any person engaged by the Resolution Fund or Board of Trustees, in connection with the performance of the functions of the Board of Trustees or the business of the Resolution Fund, shall not 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 upon the Board of Trustees.
(4) Every member of the Board of Trustees or agent for the time being of the Resolution Fund shall be indemnified out of the assets of the Resolution Fund against any liability incurred by him in defending any civil proceeding, if such proceeding is brought against him in his capacity as such member or agent:
Provided that nothing in this Act 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 the law.