Section 40: Indemnity of directors. - (1) Every director of the Board 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 own wilful act or default

Q: What does Section 40 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) deal with?

Section 40 DICGC Act pertains to "Indemnity of directors. - (1) Every director of the Board 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 own wilful act or default". It is part of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961, a legislation enacted by the Parliament of India. Section 40 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) governs indemnity of directors. - (1) Every director of the Board 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 own wilful act or default. As verified on 19 May 2026.

Q: Is Section 40 DICGC Act still in force?

Yes, Section 40 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961 is currently in force across the Republic of India.

Q: What is धारा 40 DICGC Act?

धारा 40 DICGC Act is the Devanagari Hindi reference for Section 40 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961. Section 40 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) governs indemnity of directors. - (1) Every director of the Board 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 own wilful act or default. As verified on 19 May 2026.

Q: What is Dhara 40 DICGC Act?

Dhara 40 DICGC Act is the Roman Hindi reference for Section 40 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961. "Dhara" means "Section" in Hindi. Section 40 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) governs indemnity of directors. - (1) Every director of the Board 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 own wilful act or default. As verified on 19 May 2026.

Q: How to cite Section 40 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961?

Cite as: "Section 40, The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act)" in legal briefs. For academic writing, use the BlueBook format: The Deposit Insurance and Credit Guarantee Corporation Act, 1961, § 40 (India).

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(2)

A director of the Board shall not be responsible for any other director or for any other officer or other employee of the Corporation, or for any loss or expenses resulting to the Corporation from the insufficiency or deficiency of the 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 or in relation thereto.