469

No member of the Board of Trustees, official, agent or employee shall in any way be personally liable for any obligation, loss or expense incurred by the Permanent Fund unless such obligation loss or expense arises or is the result of gross negligence, intentional misconduct or knowing that it could cause damages. The Board shall be authorized to compensate third parties and release from liability each one of the trustees, officials, agents or employees against any loss, claim, damage, lawsuit or obligation, including the payment of attorney’s fees that arise from the performance of his/her duties, except when there is gross negligence, intentional misconduct or action knowing that damages could be caused on his/her part. History —July 1, 1997, No. 27, § 19.