547. Liability of Chairperson, Secretary and Councillors for loss, waste or misapplication.
(1)Notwithstanding anything contained in section 67, the Chairperson, every Councillor and the Secretary shall be liable for the loss, waste or misapplication of any money or other property owned by or vested in a Municipality if such loss, waste or misapplication is a direct consequence of their neglect or misconduct and a suit for compensation may be instituted against them by the Municipality or by any tax-payer of the Municipal area.(2)Every such suit shall be instituted within three years after the date on which the cause of action arose.
