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Liability of trustees under unit trust schemes.
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15.—(1) Any provision in the deed in which are expressed the trusts created in pursuance of a registered unit trust scheme shall be void in so far as it would have the effect of exempting the trustee under the scheme from or indemnifying him against liability for breach of trust where, having regard to the provisions of the trust deed conferring on him any powers, authorities or discretions, he fails to show the degree of care and diligence required of him as trustee.
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(2) Subsection (1) of this section shall not invalidate—
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(a) any release otherwise validly given in respect of anything done or omitted to be done by a trustee before the giving of the release; or
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(b) any provision enabling such a release to be given—
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(i) on the agreement thereto of a majority of not less than 75 per cent, in value of the holders of the units in issue of the unit trust scheme concerned present and voting in person or, where proxies are permitted, by proxy at a meeting summoned for the purpose, and
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(ii) either with respect to specific acts or omissions or on the trustee dying or ceasing to act.
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(3) Subsection (1) of this section shall not operate—
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(a) to invalidate any provision in force on the operative date so long as any person then entitled to the benefit of that provision or afterwards given the benefit thereof under subsection (4) of this section remains a trustee of the deed in question; or
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(b) to deprive any person of any exemption or right to be indemnified in respect of anything done or omitted to be done by him while any such provision was in force.
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(4) While any trustee of a trust deed remains entitled to the benefit of a provision saved by subsection (3) of this section, the benefit of that provision may be given either—
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(a) to all trustees of the deed, present and future; or
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(b) to any named trustee or proposed trustees thereof;
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by a resolution passed by a majority of not less than 75 per cent. in value of the holders of the units in issue of the unit trust scheme concerned present in person or, where proxies are permitted, by proxy at a meeting summoned for the purpose in accordance with the provisions of the deed or, if the deed makes no provision for summoning meetings, a meeting summoned for the purpose in any manner approved by the High Court.
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