Section 19. Liability of the chairman and member for loss, waste or misapplication of property.

(1) The Chairman, Vice-Chairman and every member of a market committee shall be liable for the loss, waste or misapplication of any money or other property belonging to the market committee if such loss, waste or misapplication is a direct consequence of his negligence or misconduct and a suit for compensation may be instituted against him in a court of competent jurisdiction by the market committee with the previous sanction of the Director of Marketing. (2) Every such suit shall be commenced within three years from the date on which the cause of action arose.