(1) Any provision contained in—
(a) a trust deed for securing an issue of debentures, or
(b) any contract with the holders of debentures secured by a trust deed,
is void in so far as it would have the effect of exempting a trustee of the deed from, or indemnifying him against, liability for breach of trust where he fails to show the degree of care and diligence required of him as trustee, having regard to the provisions of the trust deed conferring on him any powers, authorities or discretions.
(2) Subsection (1) does not invalidate—
(a) a release otherwise
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