Common use of No Liability for Acts of Others Clause in Contracts

No Liability for Acts of Others. Without limiting the foregoing limitations of liability contained in this Section 2, the Trustees and officers of the Trust shall not be responsible or liable for any act or omission or for neglect or wrongdoing of any officer, agent, employee, investment adviser or independent contractor of the Trust, or of any other Person, but nothing contained in this Declaration or in the Maryland Act shall protect any Trustee or officer of the Trust against liability to the Trust or to Shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.