(a) Neither the Central Bank nor any of its employees shall be responsible for any procedure, action or forbearance that resulted in inflicting damages to others if such procedure, action or forbearance was performed in the course of execution of the duties and responsibilities of the Central Bank and within its authorities as specified in this law and the regulations and bylaws issued in implementing it.

(b) Neither the Administrator nor the liquidator shall be held responsible for any procedure, action or forbearance that resulted in inflicting damages to others if such procedure, action or forbearance was performed in the course of execution of their duties and responsibilities as specified in this law and the regulations and bylaws issued in implementing it.

(c) The provisions of the preceding paragraphs shall not have effect if such procedure, action or forbearance constitutes gross negligence or done in a bad faith.