(1) Where a loan is made by a society in contravention of a direction given by the Registrar under section 10, the officers or servants of the society who authorised the loan shall be jointly and severally liable for any loss on the loan occasioned to the society.

(2) Where moneys are accepted on deposit by a society in contravention of a direction given by the Registrar under section 10, or where funds are raised by a society in contravention of section 6, or of a direction given by the Registrar under that section, the officers or servants of the society who authorised the acceptance of those moneys on deposit or the raising of those funds shall be jointly and severally liable for any loss on the moneys so deposited or the funds so raised occasioned to the depositor or investor or depositors or investors concerned.