Section 47. Indemnity of Directors

(1) Every director shall be indemnified by the corporation against all losses and expenses incurred by him, in or in relation to the discharge of his duties, except such as are caused by his act or omission which is an offence under any law for the time being in force. (2) A director shall not be responsible for any loss or expenses resulting to the corporation from the insufficiency or deficiency of value of, or title to any property or security acquired or taken on behalf of the corporation or the insolvency or wrongful act of any debtor or any person under obligation to the corporation or anything done in good faith in the execution of the duties of his office in relation thereto.