Section 46: Legal position of directors.

(1) A director is the trustee of the moneys, properties and powers of a public enterprise and he shall-
(a) account for all the moneys over which he exercises control;
(b) refund any moneys improperly paid; and
(c) exercise his powers honestly in the interest, of the public enterprise and all the shareholders, and not in his own or sectional interest.
(2) A director shall, when acting within his authority and powers of the public enterprise, be regarded as an agent of the public enterprise in respect of the acts of the public enterprise.