Indigenisation and Economic Empowerment Act updated as at 8th May 2015 9.14 With the approval of the Board, to purchase, select, sell, exchange or alter any of the deposited property provided that nothing in this paragraph shall impose any liability on them to bear the expenses of stamping any certificate or any transfer relating to the deposited property. Duties of managers 10 1. It shall be the duty of the managers to: 10.1.1 prepare all cheques, warrants, statements and notices which the Board has to issue, send or serve as provided; 10.1.2 stamp the documents referred to in paragraph 10.1.1 and deposit them together with the necessary stamped addressed envelopes with the Board so as to afford the Board ample time to examine and check them and sign such cheques, warrants, statements and notices and dispatch them on the day on which they ought to be dispatched; 10.1.3 prepare all certificates required to be issued and to deposit them with the Board for signature. 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 - 27 -