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Power of advance- ment.
15 Geo. 5, c. 19, s. 32.
Protective
trusts.
15 Geo. 5, c. 19, s. 33.
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34.-(1) Trustees may at any time or times pay or apply any capital money subject to a trust, for the advancement or benefit in such manner as they may, in their absolute discretion, think fit, of any person entitled to the capital of the trust property or of any share thereof, whether absolutely or contingently on his attaining any specified age or on the occurrence of any other event, or subject to a gift over on his death under any specified age or on the occurrence of any other event, and whether in possession or in remainder or reversion, and such payment or applica- tion may be made notwithstanding that the interest of such person is liable to be defeated by the exercise of a power of appointment or revocation, or to be diminished by the increase of the class to which he belongs :
Provided that-
(a) the money so paid or applied for the advance- ment or benefit of any person shall not ex- ceed altogether in amount one half of the presumptive or vested share or interest of that person in the trust property; and (b) if that person is or becomes absolutely and indefeasibly entitled to a share in the trust property the money so paid or applied shall be brought into account as part of such share; and
(c) no such payment or application shall be made so as to prejudice any person entitled to any prior life or other interest, whether vested or contingent, in the money paid or applied un- less such person is in existence and of full age and consents in writing to such payment or application.
(2) This section applies only where the trust pro- perty consists of money or securities or of property held upon trust for sale calling in and conversion, and such money or securities, or the proceeds of such sale calling in and conversion are not by statute or in equity considered as land.
(3) This section does not apply to trusts constituted or created before the commencement of this Ordin-
ance.
35.—(1) Where any income, including an annuity or other periodical income payment, is directed to be held on protective trusts for the benefit of any person (in this section called "the principal beneficiary") for the period of his life or for any less period, then, during the period (in this section called the "trust period") the said income shall, without prejudice to any prior interest, be held on the following trusts, namely:-
----
(i) Upon trust for the principal beneficiary during the trust period or until he, whether before or after the termination of any prior interest, does or attempts to do or suffers any act or thing, or until any event happens, other than an advance under any statutory or express power, whereby, if the said income were pay- able during the trust period to the principal beneficiary absolutely during that period, he would be deprived of the right to receive the same or any part thereof, in any of which cases, as well as on the termination of the trust period, whichever first happens, this trust of the said income shall fail or deter- mine;
(i) If the trust aforesaid fails or determines dur- ing the subsistence of the trust period, then, during the residue of that period, the said income shall be held upon trust for the ap- plication thereof for the maintenance or sup- port, or otherwise for the benefit, of all or any one or more exclusively of the other or