Singapore legislation

Clause 97

Liability of trustees

(1)

Subject to this section, any provision contained in a deed that is or at any time has been an approved deed, or in any contract with the holders of interests to which such a deed relates, shall be void in so far as it would have the effect of exempting a trustee or representative under the deed from, or indemnifying a trustee or representative against, liability for breach of trust where the trustee or representative fails to show the degree of care and diligence required of a trustee or representative.[U.K.s. 88.][Aust. s. 89.]

(2)

Subsection (1) of this section shall not invalidate —

(a)

any release otherwise validly given in respect of anything done or omitted to be done by a trustee or representative before the giving of the release; or

(b)

any provision 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 interests as vote in person or by proxy at a meeting summoned for the purpose; and

(ii)

either with respect to specific acts or omissions or on the trustee or representative ceasing to act.

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