Municipal Fund Ordinarily Liable for All Costs and Expenses Incurred by Municipalities

(1) Except as herein otherwise provided, no Chairperson or Vice-Chairperson or member shall be personally liable in respect of any contract or agreement made, or for any expense incurred by or on behalf of the Municipality, and the municipal fund shall be liable for and be charged with all costs in respect of any such contract or agreement and all such expenses. (2) Every Chairperson, Vice-Chairperson or member shall be liable for the misapplication of any money or other property owned by or vested in the Municipality to which he has been a party and for any loss or waste of such money or property which has been caused or facilitated by his misconduct. The Chairperson, the Vice-Chairperson, member, the Chief Municipal Officer or other officer or person to whom executive powers are conferred by or under this Act shall be liable for such loss, waste or misapplication, if it is a direct consequence of his neglect or has been caused or facilitated by his misconduct.