(1) Subject to subsections (2) and (3), no action for damages lies or may be brought against a director or the chief executive officer or any other officer or employee of the corporation because of anything done or omitted to be done
(a) in the exercise or intended exercise of any power under this Act, or
(b) in the performance or intended performance of any function or duty under this Act.
(2) Subsection (1) does not apply to a person referred to in that subsection in relation to anything done or omitted by that person in bad faith.
(3) Subsection (1) does not absolve the corporation from vicarious liability arising out of an act or omission by a person referred to in that subsection for which the corporation would be vicariously liable if this section were not in force.
(4) Nothing in this section is to be interpreted as a limitation on section 6 or 8.