669. General investment powers; duty of care and delegation.

Liability for breach of an obligation under any rule of law to take care or exercise skill in the performance of any investment functions, where the function is exercisable by a trustee of a trust scheme1, or by a person to whom the function has been delegated2, cannot be excluded or restricted3 by any instrument or agreement4; but this does not apply to a scheme falling within any prescribed5 class or description, or to any prescribed description of exclusion or restriction6.

The trustees of a trust scheme have, subject to statutory provision as to choosing investments7 and to any restriction

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