(1)Every Chairman, Vice-Chairman, Commissioner, Officer or servant of a Municipal Board including a Government servant whose services are lent to the Board shall be liable for the loss waste or misapplication of any money or other property owned by or vested in the Municipal Board, if such loss, waste or misapplication is a direct consequence of any illegal act, omission, neglect or misconduct on his part, and a suit for compensation may be institute against him in any Court of competent jurisdiction by the Board.
