default (2) For the purposes of subsection (1), "default" includes - (a) any negligence or failure in the carrying out of any function, or the exercise of any power, or the discharge of any duty, under this Act; and (b) any offence under this Act, or any offence under any other written law in relation to any matter dealt with under this Act, regardless - (i) whether or not there has been any prosecution in respect of such offence; or (ii) whether such default was committed by the participating investing institution, or any director, officer, or controller (as those words are defined in section 13 (6)), or any clerk, servant, or agent of such participating investing institution, or any clerk, or servant of such agent. [Ins. Act A747] ACT 188 - TREASURY BILLS (LOCAL) ACT 1946 (REVISED 1977) 16. Liability of Government in respect of Treasury Bills.
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