1970 Ed.]
Perpetuities and Accumulations.
[CAP. 257
9
(a) the life of the grantor or settlor; or
(b) a term of twenty-one years from the death of the grantor, settlor or testator; or
(c) the duration of the minority or respective minorities of any person in being at the death of the grantor, settlor or testator; or
(d) the duration of the minority or respective minorities only of any person who under the limitations of the instrument directing the accumulations would, for the time being, if of full age, be entitled to the income directed to be accumulated; or
(e) a term of twenty-one years from the date of the making of the disposition; or
(f) the duration of the minority or respective minorities of any person or persons in being at the date of the making of the disposition.
(2) In every case where any accumulation is directed otherwise than as aforesaid, the direction shall (save as hereinafter mentioned) be void; and the income of the property directed to be accumulated shall, so long as the same is directed to be accumulated contrary to this section, go to and be received by the person who would have been entitled thereto if such accumulation had not been directed.
(3) The restrictions imposed by subsection (1) apply in relation to a power to accumulate income whether or not there is a duty to exercise that power, and they apply whether or not the power to accumulate extends to income produced by the investment of income previously accumulated.
(4) This section does not extend to any provision-
(a) for payment of the debts of any grantor, settlor, testator or other person;
(b) for raising portions for-
(i) any child or remoter issue of any grantor, settlor or testator; or
(ii) any child or remoter issue of a person taking any interest under any settlement or other disposition directing the accumulations or to whom any interest is thereby limited,
and accordingly such provisions may be made as if no statutory restrictions on accumulation of income had been imposed.
18. Where accumulations of surplus income are made during a minority under any Ordinance or under the general law, the period for which such accumulations are made is not (whether the trust was created or the accumulations were made before or after the commencement of this Ordinance) to be taken into
Qualification of restrictions on accumulation.
[cf. 1925, c. 20, s. 165.)
Page 10
Page 11
1970 Ed.]
Perpetuities and Accumulations.
[CAP. 257
9
(a) the life of the grantor or settlor; or
(b) a term of twenty-one years from the death of the grantor,
settlor or testator; or
(c) the duration of the minority or respective minorities of any person in being at the death of the grantor, settlor or testator; or
(d) the duration of the minority or respective minorities only of any person who under the limitations of the instru- ment directing the accumulations would, for the time being, if of full age, be entitled to the income directed to be accumulated; or
(e) a term of twenty-one years from the date of the making
of the disposition; or
(ƒ) the duration of the minority or respective minorities of any person or persons in being at the date of the making of the disposition.
(2) In every case where any accumulation is directed other- wise than as aforesaid, the direction shall (save as hereinafter mentioned) be void; and the income of the property directed to be accumulated shall, so long as the same is directed to be accumulated contrary to this section, go to and be received by the person who would have been entitled thereto if such accumula- tion had not been directed.
(3) The restrictions imposed by subsection (1) apply in relation to a power to accumulate income whether or not there is a duty to exercise that power, and they apply whether or not the power to accumulate extends to income produced by the investment of income previously accumulated.
(4) This section does not extend to any provision-
(a) for payment of the debts of any grantor, settlor,
testator or other person;
(b) for raising portions for-
(i) any child or remoter issue of any grantor, settlor or testator; or
(ii) any child or remoter issue of a person taking any interest under any settlement or other disposition directing the accumulations or to whom any interest is thereby limited,
and accordingly such provisions may be made as if no statutory restrictions on accumulation of income had been imposed.
18. Where accumulations of surplus income are made during a minority under any Ordinance or under the general law, the period for which such accumulations are made is not (whether the trust was created or the accumulations were made before or after the commencement of this Ordinance) to be taken into
Qualification of restrictions on accumulation.
[cf. 1925, c. 20,
s. 165.)
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