Section 31. Officers and employees of Corporation or of acquiring companies to be public servants

31. Officers and employees of Corporation or of acquiring companies to be public servants.— Every officer or other employee of the Corporation or of an acquiring company shall be deemed to be a public servant for the purposes of Chapter IX of the Indian Penal Code (45 of 1860). 1[31A. Liability of director of specified insurer.— A director of a specified insurer who is not its whole-time director shall be held liable only in respect of such acts of omission or commission of the specified insurer which had been committed with his knowledge, attributable through board processes, and with his consent or connivance or where he had not acted diligently. Explanation .—For the purposes of this section, the reference to "board" shall include committees of the board.]