Section 47. Protection of action taken under this Act.

1[47. Protection of action taken under this Act.---(1) No suit, prosecution or other legal proceeding shall lie against any director or employee of the Corporation for anything which is in good faith done or intended to be done in pursuance of this Act or of any rules or regulations made thereunder. (2) A director who is not a whole-time director shall be held liable only in respect of such acts of omission or commission of the Corporation which had occurred with his knowledge, attributable through Board processes, and with his consent or connivance or where he had not acted diligently. Explanation.---For the purposes of this sub-section, the reference to "Board" shall include Committees of the Board.]