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4. For paragraph 5 there shall be substituted:–
“(1) Each Managing Trustee shall be indemnified out of the Fund against all liabilities incurred in the performance or purported performance of his functions except where the Managing Trustee has acted dishonestly, in bad faith or recklessly.
(2) There shall not be purchased out of the Fund any indemnity insurance covering any of the liabilities mentioned in sub-paragraph (1) above (including those where the exception applies).”
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