(1) The validity of any act done or proceedings taken under this Act shall not be questioned on the ground of—
(a) the existence of any vacancy in the membership, or of any defect in the constitution of the Board;
(b) the contravention by a member of the Board of paragraph 15 of Schedule 1; or
(c) any omission, defect or irregularity not affecting the merits of any act done by the Board.
(2) Personal liability shall not attach to any member of the Board in respect of anything done or omitted in good faith under the provisions of this Act; and any sum of money, damages or costs which may be recovered against any such member in respect of any act or thing done or omitted in good faith under this Act shall be paid out of the funds and resources of the Fund.
(3) The actions outlined in Schedule 4 and taken by the Board prior to the commencement of this Act which said actions had the express or implied effect of causing a variation to any provision under the repealed Act, and were taken for the purpose of maintaining the viability of the Fund, is deemed to have been of valid legal effect.