Prospective
34Provision purporting to limit liability for, or indemnify for, breach of fiduciary dutyS
(1)In so far as a provision of a trust deed purports generally to—
(a)limit any liability of a trustee for, or
(b)indemnify a trustee for,
the trustee’s breach of a fiduciary duty, the provision is of no effect.
(2)But subsection (1) is without prejudice to any provision of a trust deed which authorises a particular action or decision, or a particular class of actions or decisions, which but for that authority would constitute a breach of a fiduciary duty.
(3)This section applies—
(a)irrespective of when the trust was created, but
(b)only as respects a breach of a fiduciary duty occurring after the section comes into force.
Commencement Information
I1S. 34 not in force at Royal Assent, see s. 88(3)