1964_TRUSTEE_ORDINANCE — Page 22

1985 Ed.]

Trustee

[CAP. 29

21

Maintenance, Advancement and Protective Trusts

33. (1) Where any property is held by trustees in trust for any person for any interest whatsoever, whether vested or conting- ent, then, subject to any prior interests or charges affecting that property-

(a) during the infancy of any such person, if his interest so long continues, the trustees may, at their sole discretion, pay to his parent or guardian, if any, or otherwise apply for or towards his maintenance, education or benefit, the whole or such part, if any, of the income of that property as may, in all the circumstances, be reasonable, whether or not there is---

fullage

(i) any other fund applicable to the same purpose; or (ii) any person bound by law to provide for his main- tenance or education; and (b) if such person on attaining the age of 21 years has not a vested interest in such income, the trustees shall thence- forth pay the income of that property and of any accretion thereto under subsection (2) to him, until he either attains a vested interest therein or dies, or until failure of his interest:

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 aforesaid, the trustees shall have regard to the age of the infant and his requirements and generally to the circumstances of the case, and in particular to what other income, if any, is applicable for the same purposes; 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 accumulate all the residue of that income in the way of compound interest by investing the same and the resulting income thereof from time to time in authorized investments, and shall hold those accumulations as follows-

(a) if

any such

person--

(i) attains the age of 21 years, or marries under that age, and his interest in such income during his infancy or until his marriage is a vested interest; or

(ii) on attaining the age of 21 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

Power to apply income for maintenance and to accumulate surplus income during a minority. 1925 c. 19, s. 31.

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