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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