Section Sch3-4 — Trusts Act 2019: Certain provisions are or may be modified or excluded in relation to specified commercial trust

4 Certain provisions are or may be modified or excluded in relation to specified commercial trust (1) The following provisions do not apply to a specified commercial trust (whether created before or after the commencement of this clause): (a) section 39 (requiring paid adviser to ensure settlor aware of meaning and effect of any modification or exclusion of default duties): (b) section 43 (requiring paid adviser to ensure settlor aware of meaning and effect of any liability exclusion or indemnity clause). (2) The following provisions do not apply to a specified commercial trust that was created before, or that was created under terms agreed to and in effect before, the commencement of this clause: (a) sections 45 to 55 : (b) sections 67 to 76 : (c) sections 81 to 85 : (d) sections 121 to 123 : (e) sections 153 to 158 . (3) The following provisions apply to a specified commercial trust (other than a trust referred to in subclause (2)) that was created after the commencement of this clause unless their application is modified or excluded by the terms of the trust: (a) sections 45 to 55 : (b) sections 67 to 76 : (c) sections 81 to 85 : (d) sections 121 to 123 : (e) sections 153 to 158 . (4) Sections 40 to 42 apply to a specified commercial trust (whenever created) as if the references to gross negligence were omitted from those provisions.