s 83 Exemption and indemnification of trustee from liability
(1) Subject to this section, a term, provision or covenant of a debenture or a trust deed or a term of a contract with holders of debentures secured by a trust deed shall be void in so far as the term, provision or covenant, as the case may be, would have the effect of— (a) exempting a trustee 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 it as 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 it as trustee, unless the term, provision or covenant— (aa) releases the trustee from liability for anything done or omitted to be done before the release is given; or (bb) enables a meeting of debenture holders to approve the release of a trustee from liability for anything done or omitted to be done before the release is given. (2) For the purpose of paragraph (1)(bb)— (a) a release is approved if the debenture holders who vote for the resolution hold seventy-five percent of the nominal value of the debentures held by all the debenture holders who attend the meeting and vote on the resolution; and (b) a debenture holder attends the meeting and votes on the resolution if— (i) such debenture holder attends the meeting in person and votes on the resolution; or (ii) if proxies are permitted, the debenture holder is represented at the meeting by a proxy and the proxy votes on the resolution.