{
  "url": "https://openlegislation.uk/draft-risk-transformation-regulations-2017/regulation-153",
  "json_url": "https://openlegislation.uk/draft-risk-transformation-regulations-2017/regulation-153.json",
  "legislation": "ukdsi/2017/9780111160596",
  "legislation_title": "The Risk Transformation Regulations 2017",
  "legislation_url": "https://openlegislation.uk/draft-risk-transformation-regulations-2017",
  "path": "regulation/153",
  "kind": "regulation",
  "number": "153",
  "heading": "Liability of trustees of debentures",
  "text": "(1) A provision contained in—\n(a) a trust deed for securing an issue of debentures by a protected cell company; or\n(b) any contract with the holders of debentures issued by a protected cell company, secured by a trust deed,\nis void insofar as it would have the effect of exempting a trustee (“T”) of the deed from, or indemnifying T against, liability for breach of trust where T fails to show the degree of care and diligence required of T as trustee, having regard to the provisions of the trust deed conferring on T any powers, authorities or discretions.\n(2) Paragraph (1) does not invalidate—\n(a) a release otherwise validly given in respect of anything done or omitted to be done by T before the giving of the release;\n(b) any provision enabling such a release to be given—\n(i) on being agreed to by a majority of not less than 75% in value of the debenture holders present and voting in person or, where proxies are permitted, by proxy at a meeting summoned for the purpose; and\n(ii) either with respect to specific acts or omissions or on the trustee dying or ceasing to act.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2017/9780111160596/regulation/153",
    "retrieved_at": "2026-10-30T15:06:04.488256+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}