Power of court to grant relief in certain cases

If, in any proceeding against a director, or person occupying the position of director, of a company for negligence or breach of trust, it appears to the court hearing the case that the director or person is or may be liable in respect of the negligence or breach of trust, but has acted honestly and reasonably, and ought fairly to be excused for the negligence or breach of trust, that court may relieve him, either wholly or partly, from his liability on such terms as the court may think proper. Schedule IV.