I move amendment No. 62:
In page 53, subsection (1), line 34, before "any employee" to insert "any officer or".
Section 53 provides for exemption from liability of the Central Bank and its employees in respect of its functions under the Act. The section as originally drafted does not apply this exemption to officers of the Central Bank and this amendment effectively corrects that omission.
Subsection (2) grants an exemption from liability to employees and officers for omissions other than those in bad faith. What is an omission "in bad faith"?
Something that was done either with malice or deliberately.
As defined by whom? The courts?
Yes, as defined by the courts.
I move amendment No. 63:
In page 53, subsection (2), line 43, after "out" to insert "in the exercise of a public duty".
This amendment specifies that the exemption from liability for damages given to stock exchanges's employees, their officers and board members will be available only in respect of things done or omitted in the exercise of public duty required by this legislation. Clearly, the exchanges's exemption should extend only to acts or omissions carried out in the exercise of a public duty under this Bill.
What is the definition of "public duty"?
It is the discharge of a function that a person is legally obligated to carry out.
I move amendment No. 64:
In page 53, subsection (3), line 52, before "losses" to insert "loss or".
This is a technical amendment.
