(1)In paragraph 1 for “nine” there shall be substituted “ten” and there shall be inserted at the end “of whom one shall be a pensioner Member.”.
(2)For paragraph 2 there shall be substituted:“With the exception of the pensioner Member referred to in paragraph 1, no person shall be appointed to be a Managing Trustee unless he is a Member of the House of Commons.”
(3)After paragraph 2 there shall be inserted:“2A Where a Managing Trustee ceases to be a Member of the House of Commons he shall continue in office until–a he is removed, orb another Managing Trustee is appointed in his place, orc he resigns.”
(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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