Business Trusts Act 2004 · 2020 Revised Edition · Part 4 · Trust Deed
29. Liability of trustee‑managers
Feedback & supportSubject to subsection (2), any provision in a trust deed of a registered business trust required under section 28 or in any contract with the unitholders of a registered business trust to which such a trust deed relates is void in so far as it would have the effect of exempting the trustee‑manager of the registered business trust under the trust deed from, or indemnifying the trustee‑manager against, liability for breach of trust where the trustee‑manager fails to exercise the degree of care and diligence required of a trustee‑manager of a registered business trust.
deed
“deed” means any deed which creates a trust or provides for the governance of the affairs of the trust and the conduct of its business and includes any instrument amending or affecting the deed;
Subsection (1) does not invalidate —
any release otherwise validly given in respect of anything done or omitted to be done by the trustee‑manager of a registered business trust before the giving of the release; or
any provision enabling such a release to be given —
on the passing of a special resolution by the unitholders of the registered business trust at a general meeting convened in accordance with Division 1 of Part 9; and
either with respect to specific acts or omissions, or upon the trustee‑manager of a registered business trust ceasing to act.