(1) Where the authorised unit trust scheme does not have an alternative investment fund manager which is authorised in accordance with Chapter II of Directive 2011/61/EC of the European Parliament and of the Council of 8 June 2011 or where its trustee is not otherwise subject to Articles 21(12) to (15) of that Directive, any provision in the trust deed of an authorised 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) 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 unit-holders holding not less than 75 per cent. in value 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

(ii) either with respect to specific acts or omissions or on the trustee dying or ceasing to act.