Section 24. Surcharge

(1) The Chairman, the Managing Director or any other member or any employee of the Corporation shall be liable to surcharge for the loss, waste or misapplication of any money or property of the Corporation if such loss, waste or misapplication is a direct consequence of his neglect or misconduct while acting as such Chairman. Managing Director or other member or employee. (2) The procedure of surcharge shall be such may be prescribed. (3) Any amount found to be involved in any such Loss, waste or, misapplication as a result of proceedings for surcharge shall be recoverable as arrears of land revenue. (4) Nothing in sub section (3) shall prevent the Corporation from deducting any amount referred to therein from any sum payable by the Corporation to Chairman, Managing Director or other member or employee, as the case may be