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Section 34 Provision purporting to limit liability for, or indemnify for, breach of fiduciary dutyI1

Scotland Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(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.

Annotations

Commencement

I1

S. 34 not in force at Royal Assent, see s. 88(3)