Article 48 - Power of accumulation and advancement
(1) Where the
Terms of the Trust so authorise, a Trustee may accumulate for a period, part or all of the Income of the Trust.
(2) Subject to Article 48(3),
Income of the Trust which is not accumulated under Article 48(1) must be distributed.
(3) Subject to the
Terms of the Trust and subject to any prior interests or charges affecting the Trust Property, where a Beneficiary is a Minor and whether or not the Beneficiary's interest:
(A) is a vested interest; or
(B) is an interest which will become vested:
(i) on attaining the age of majority;
(ii) at any later age; or
(iii) upon the occurrence of any event;
(C) accumulate the
Income attributable to the interest of such Beneficiary pending the attainment of the age of majority or such later age or the occurrence of such event;
(D) apply such
Income or part of it to or for the maintenance, education or other benefit of such Beneficiary; or
(E) advance or appropriate to for the benefit of any such
Beneficiary such interest or part of such interest.
(4) The receipt by a parent or the lawful guardian of a
Beneficiary who is a Minor must be a sufficient discharge of the Trustee's obligations for a payment made under Article 48(3).
|Amended (as from 24th December 2017).|