Section 168: Liability of trustees and custodian under a scheme.

Any provision in the trust deed or custodial agreement in which are expressed the trusts or agreement created in pursuance of an authorised scheme shall be void in so far as it would have the effect of exempting the trustee or custodian under the scheme from or indemnifying it against liability for breach of trust or the custodial agreement where, having regard to the provisions of the trust deed or the custodial agreement conferring on him any powers, authorities or discretion, he fails to exercise the degree of care and diligence required of him as trustee or custodian.