Section 152A. Surcharge

(1) The 3Mayor, 4 * * * , and every member, officer and servant of the 1Corporation shall be liable to surcharge for the loss, waste or misapplication of any money or property of the 1 Corporation, if such loss, waste or misapplication is a direct consequence of his neglect or misconduct while acting as such 2Mayor, 3 * * * , member, officer or servant.\br@s (2) The procedure of surcharge and the manner of recovery of the amount involved in loss, waste or misapplication shall be such as may be prescribed by rules.\br@s (3) Where no surcharge proceedings are taken the 1Corporation may with the previous sanction of the State Government institute a suit for compensation against such 2Mayor, 3 * * * , member, officer or Servant. \br@s