Regulation 10 Indemnities and liability
Subject to paragraph (2), where the Secretary of State exercises any of the management powers, the Secretary of State is indemnified by the restricted person in respect of any liability which the Secretary of State incurs in respect of the exercise of those powers.
The indemnity in paragraph (1) does not extend to any liability which the Secretary of State incurs by reason of the negligence of the Secretary of State.
Where a restricted person is a body corporate, by reason of the exercise of any of the management powers the Secretary of State is not to be regarded as—
a director or other office holder of the restricted person;
a person in accordance with whose directions or instructions the directors of the restricted person are accustomed to act; or
exercising any function of management of the restricted person.
Subject to paragraph (5), the Secretary of State is not liable to a person in respect of any cost, expense, loss or other adverse consequence which may be incurred by that person by reason of—
a temporary scheme being applied or not applied to the restricted interests of any person;
the termination of a temporary scheme; or
the Secretary of State exercising or deciding not to exercise of any of the management powers.
The exclusion of liability in paragraph (4) does not apply to the extent that any cost, expense, loss or other adverse consequence is directly attributable to the negligence of the Secretary of State.