Regulation 39

No member of the Committee shall be liable for any depreciation of any part of the Fund or for any loss arising from the acts, negligence or default of any other member of the Committee or arising from the bankruptcy or any act of any person properly in possession of any part of the Fund or arising from the insufficiency of any security or arising from any other cause unless the same shall occur through his own fraudulent, dishonest or negligent act.

Where the Committee considers it necessary it may seek the advice of the Board, or of any qualified person or firm and no member of the Committee shall be liable for any loss which may occur in acting on such advice or opinion.