(1) Any provision in the deed in which are expressed the trusts created in pursuance of a registered unit trust scheme shall be void in so far as it would have the effect of exempting the trustee under the scheme from or indemnifying him against liability for breach of trust where, having regard to the provisions of the trust deed conferring on him any powers, authorities or discretions, he fails to show the degree of care and diligence required of him as trustee.
(2) Subsection (1) of this section shall not invalidate -
(a) any release otherwise validly given in respect of anything done or omitted to be done by a trustee before the giving of the release; or
(b) any provision enabling such a release to be given -
(i) on the agreement thereto of a majority of not less than 75 per cent, in value of the holders of the units in issue of the unit trust scheme concerned present and voting in person or, where proxies are permitted, by proxy at a meeting summoned for the purpose, and