PART IV - ISSUES OF SECURITIES AND TAKE-OVERS AND MERGERS DIVISION 5 - UNIT TRUST SCHEMES AND PRESCRIBED INVESTMENT SCHEMES
Section 112. Exemptions and indemnification of trustee from liability.
(1) Subject to subsection (2) , a provision or covenant contained in a deed or a term of a contract with the unit holders shall be void in so far as the provision, covenant or term, as the case may be, would have the effect of-
(a) exempting a trustee under the deed from liability for contravention of any provision of this Act or for breach of trust or for failure to show the degree of care and diligence required of a trustee; or
(b) indemnifying a trustee against liability for contravention of any provision of this Act or for breach of trust or for failure to show the degree of care and diligence required of a trustee.
(2) Subsection (1) shall not invalidate-
(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
(b) any provision, covenant or term enabling such a release to be given-
(i) on the agreement thereto of a majority of not less than three-fourths of the holders of units voting at a meeting summoned for the purpose; and
(ii) either with respect to specific acts or omissions or on the trustee ceasing to act.