212728-1934-Supplementary-Draft-Bills--Exchanges-Trustee-Defence-Contribution-Amendment-Births-and-Deaths-Registration — Page 18

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Provided that, in deciding whether the whole or any part of the income of the property is during a minority to be paid or applied for the purposes afore- said, the trustees shall have regard to the age of the infant and his requirements and generally to the cir cumstances of the case, and in particular to what other income, if any, is applicable for the same pur poses; and where trustees have notice that the income of more than one fund is applicable for those purposes, then, so far as practicable, unless the entire income of the funds is paid or applied as aforesaid or the Court otherwise directs, a proportionate part only of the income of each fund shall be so paid or applied.

(2) During the infancy of any such person, if his interest so long continues, the trustees shall accumu late all the residue of that income in the way of com- pound interest by investing the same and the result- ing income thereof from time to time in authorised investments, and shall hold those accumulations as follows:-

(i) If any such person-

(a) attains the age of twenty-one years, or marries under that age, and his interest in such income during his infancy or until his marriage is a vested interest; or

(b) on attaining the age of twenty-one years or on marriage under that age becomes entitled to the property from which such income arose absolutely;

the trustees shall hold the accumulations in trust for such person absolutely, and so that the receipt of such person after marriage, and though still an infant, shall be a good discharge; and

(i) In any other case the trustees shall, notwith- standing that such person had a vested interest in such income, hold the accumula- tions as an accretion to the capital of the property from which such accumulations arose, and as one fund with such capital for all purposes;

but the trustees may, at any time during the infancy of such person if his interest so long continues, apply those accumulations, or any part thereof, as if they were income arising in the then current year.

(3) This section applies in the case of a contingent interest only if the limitation or trust carries the in- termediate income of the property, but it applies to a future or contingent legacy by the parent of, or a person standing in loco parentis to, the legatee, if and for such period as, under the general law, the legacy carries interest for the maintenance of the legatee, and in any such case as last aforesaid the rate of interest shall (if the income available is sufficient, and subject to any rules of court to the contrary) be five dollars per centum per annuni.

(4) This section applies to a vested annuity in like manner as if the annuity were the income of property held by trustees in trust to pay the income thereof to the annuitant for the same period for which the an- nuity is payable, save that in any case accumulations made during the infancy of the annuitant shall be held in trust for the annuitant or his personal repre- sentatives absolutely.

(5) This section does not apply where the instru- ment, if any, under which the interest arises came into operation before the commencement of this Ordinance.