(1) A director is not personally liable for any thing done or omitted to be done in good faith—
(a) in the performance of a function or the exercise of a power or the discharge of a duty under this Act; or
(b) in the reasonable belief that the act or omission was in the performance of a function or the exercise of a power or the discharge of a duty under this Act.
(2) Any liability resulting from an act or omission that would but for subsection (1) attach to a director attaches instead to the Institute.