Section 76: Liability of directors, shareholders and officers.

(1) A director, significant shareholder, officer, employee, agent, attorney, accountant or auditor, appraiser or any other party engaged by or providing services to an insured institution that fails shall be held personally liable in monetary damages where his or her actions or inactions caused or contributed to the failure of such institution in civil action by, on behalf of, or at the request or direction of the Corporation, acting as liquidator, supervisor or insurer and which action is prosecuted wholly or partially for the benefit of the Corporation and insured depositors.
(2) The liability of directors of an insured institution that fails for the grant of unauthorised credit facilities in violation of the provisions of any law or regulation shall be unlimited and personal.
(3) In any proceedings related to any claim against a director, significant shareholder, officer, employee, agent, attorney, accountant or auditor, appraiser or other party engaged by or providing services to an insured institution that fails, recoverable damages determined to result from the improvident or otherwise improper use or investment of any insured institutions’ assets shall include principal losses and appropriate interest, profit or dividend.
(4) This section applies to a director, significant shareholder, officer, employee, agent, attorney, accountant or auditor, appraiser or any other party engaged by or providing services to an insured institution that fails prior to its being declared failing or failed institution.