Section 185

any release of the trust deed otherwise validly given in respect of anything done or omitted to be done by a trustee before the giving of the release; or

any provision enabling the release of the trust deed to be given—

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on the agreement of a majority of not less than three-fourths in nominal 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

to invalidate any provision in force at the commencement of this Act so long as any trustee then entitled to the benefit of that provision remains a trustee of the trust deed in question;

or

to deprive any trustee of any exemption or right to be indemnified in respect of anything done or omitted to be done by the trustee while any such provision is in force.

Subdivision 11

Restrictions on Allotment and Commencement of Business

Prohibition of allotment unless minimum subscription received