Indigenisation and Economic Empowerment Act updated May 2011 10.2 The managers shall keep or cause to be kept proper books of accounts and records in which shall be entered all transactions effected by the managers for the Unit Trust Account and shall permit the Board on demand to examine and take copies of or extracts from any such books of accounts or records. 10.3 The fees and expenses of the auditors shall be paid by the managers out of the deposited property. Liability of managers 11.1 If for any reason it becomes impossible or impracticable to carry out the provisions of this Schedule, the managers shall not be under any liability therefor or thereby, and the managers shall not incur any liability by reason of any error of law or any matter or thing done or suffered or omitted to be done by them in good faith hereunder. 11.2 The managers shall not be under any liability except such liability as may be expressly assumed by them under this Schedule nor shall the managers, save as provided in this Schedule, be liable for any act or omission of the Board nor for anything except their own wilful breach of duty hereunder. PART 5 GENERAL PROVISIONS RELATING TO THE BOARD AND MANAGERS Liability of Board and managers 12.1 Neither the Board nor the managers shall incur liability in respect of any action taken or thing suffered by them in reliance upon any notice, resolution, direction, consent, certificate, affidavit, statement, stock, plan or reorganisation or other paper or document believed to be genuine and to have been passed, sealed or signed by the proper parties including themselves or their officers. 12.2 Neither the Board nor the managers shall incur liability for doing, or failing to do, any act or thing which by reason of any provision of any present or future law or regulation, or of any decree, order or judgement of any court, or by reason or any direction, request, announcement or similar action (whether of binding legal effect or not) which may be taken by or made by any person or body acting with, or purporting to exercise the authority of, any Government, whether legally or otherwise. Verification of signatures 13. The Board or the managers shall be entitled to require that the signature of any unit holder or joint unit holder to any document required to be signed by him under or in connection with this Schedule shall be verified by a banker or broker or other responsible person or otherwise authenticated to its or their reasonable satisfaction. Indemnities 14. Any indemnity expressly given to the Board or to the managers in this Schedule is in addition to and without prejudice to any indemnity allowed by law. Dealing by the Board and managers 15.1 Neither the Board nor the managers nor any company or subsidiary company of either of them shall sell or deal as principals, in the sale of investments to the Unit Trust Account for the account of the Unit Trust Account otherwise than through a recognised Stock Exchange or in terms of a conversion offer made generally to all holder of units or another unit trust. Provided that the Board or the managers or any such subsidiary company may buy, hold or deal - 26 -