(1) Where a corporation fails to pay an amount of tax required to be paid by this Act, the persons who were directors of the corporation at the time the corporation was required to pay the amount are jointly and severally liable, together with the corporation, to pay that amount and any interest on and penalties relating to the amount of tax.
(2) A director of a corporation is not liable for a failure under subsection (1), where the director exercised the degree of care, diligence and skill to prevent the failure that a reasonably prudent person would have exercised in comparable circumstances.
(3) A director of a corporation shall not be assessed for an amount payable by him or her under this section more than 5 years after the filing of the tax return, or in the case where an assessment had been made under section 39(1) not more than 5 years after the date of assessment relating to that amount.
(4) A director who satisfied a claim under this section is entitled to contribution from the other directors who were liable for the claim.