Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A term of a debenture, provision of a trust deed or a term of a contract with holders of debentures secured by a trust deed, is void in so far as the term or provision would have the effect of:
(a) exempting a trustee from liability for breach of section 283DA for failure to show the degree of care and diligence required of it as trustee; or
(b) indemnifying the trustee against that liability;
unless the term or provision:
(c) releases the trustee from liability for something done or omitted to be done before the release is given; or
(d) enables a meeting of debenture holders to approve the release of the trustee from liability for something done or omitted to be done before the release is given.
(2) For the purposes of paragraph (1)(d):
(a) a release is approved if the debenture holders who vote for the resolution hold 75% of the nominal value of the debentures held by all the debenture holders who attend the meeting and vote on the resolution; and
(b) a debenture holder attends the meeting and votes on the resolution if:
(i) they attend the meeting in person and vote on the resolution; or
(ii) if proxies are permitted--they are represented at the
meeting by a proxy and the proxy votes on the resolution.