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Changes over time for: Section 750
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Status:
Point in time view as at 03/10/2022.
Changes to legislation:
Companies Act 2006, Section 750 is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes to Legislation
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750Liability of trustees of debenturesU.K.
This section has no associated Explanatory Notes
(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 validly given in respect of anything done or omitted to be done by a trustee before the giving of the release;
(b)any provision enabling such a release to be given—
(i)on being agreed to by a majority of not less than 75% in value of the debenture holders 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.
(3)This section is subject to section 751 (saving for certain older provisions).
Modifications etc. (not altering text)
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