(1) If in any proceedings for negligence, default, breach of duty or breach of trust against an officer or auditor of a trustee savings bank in relation to or arising out of his employment with the bank, it appears to the court hearing the proceedings that the officer or auditor is or may be liable in respect of the negligence, default, breach of duty or breach of trust, but that he has acted honestly and reasonably and that, having regard to all the circumstances of the case (including those connected with his appointment), he ought fairly to be excused for the negligence, default, breach of duty or breach of trust, the court may relieve him, either wholly or partly, from his liability on such terms as it thinks fit.

(2) Where any such officer or auditor as aforesaid has reason to apprehend that any claim will or might be made against him in respect of any such negligence, default, breach of duty or breach of trust as aforesaid, he may apply to the Court for relief and the Court on any such application shall have the same power to relieve him as under this section it would have had if it had been a court before which proceedings against the person for negligence, default, breach of duty or breach of trust had been brought.