s 292 Liability of trustees
292.—(1) Subject to subsection (2), any provision in a trust deed required under section 286(2)(c) or in any contract with the participants of a collective investment scheme to which such a trust deed relates, is void insofar as it would have the effect of exempting a trustee under the trust deed from, or indemnifying a trustee against, liability for breach of trust where the trustee fails to exercise the degree of care and diligence required of a trustee. (2) Subsection (1) does 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 enabling such a release to be given —(i) on the agreement thereto of a majority of not less than three‑fourths of the participants in a collective investment scheme voting 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 ceasing to act.