Section 20

No member of the Board shall be liable for any loss arising from or contingent upon any investment made unless such loss has been occasioned by his wilful negligence, fraud or dishonesty;

and no member of the Board, agent or person acting under the authority of the Board shall be personally liable to any action or proceeding for or in respect of any act, matter or thing done or omitted to be done in good faith and in the proper exercise of any of the rights or powers of the Board or members thereof.