(1) Section 750 (liability of trustees of debentures) does not operate—
(a) to invalidate any provision in force on the relevant date so long as any person—
(i) then entitled to the benefit of the provision, or
(ii) afterwards given the benefit of the provision under subsection (3) below,
remains a trustee of the deed in question, or
(b) to deprive any person of any exemption or right to be indemnified in respect of anything done or omitted to be done by him while any such provision was in force.
(2) The relevant date for this purpose is—
(a) 1st July
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