(1) Subject to paragraph (3), any shareholder of an Irish converting company who has suffered loss or damage by reason of the misconduct of an expert in the drawing up of an expert's report under Regulation 9 shall be entitled to have such loss or damage made good to him or her by the expert.

(2) Without prejudice to the generality of paragraph (1), any shareholder of the Irish converting company who has suffered loss or damage arising from the inclusion of any untrue statement in the report prepared by the expert under Regulation 9 shall, subject to paragraph (3), be entitled to have such loss or damage made good to him or her by the expert.

(3) An expert shall not be liable in the case of any untrue statement in the report if he or she proves -

(a) that, on becoming aware of the statement, he or she forthwith informed the Irish converting company and its members of the untruth, or

(b) that he or she was competent to make the statement and that he or she had reasonable grounds for believing and did up to the time the conversion took effect believe that the statement was true.