Trusts and Trustees Act (Cap. 331), article 26

26. (1) Where the terms of the trust direct or authorise the accumulation for a period of all o r part of the income of the t rust, the trustee shall distribute the income of the trust which is n ot accumulated as required or authorised by th e terms of the trust . (2) Subject to the terms of the trust, and subject to any prior interest or charges affecting the trust property, where a benef iciary is a minor and whether or not his interest is a vested interest or an interest which will become vested on attaining the age of major ity or a later age or upon the happening of any event, the trustee may - (a) accumulate the income attrib utable to the interest of such beneficiary pending the attainment of the age of majority or such later age or the happening of such an event; or (b) apply such income or part of it to or for the maintenance, education or other benefit of such beneficiary; or (c) advance or appropriate to or for the benefit of any such beneficiary such interest or part of such interest. (3) The receipt given by a parent or the lawful guardian of a beneficiary who is a minor shall be sufficient discharge to the trustee for a pa yment made under subarticle (2). (4) Subject to the terms of the trust, and subject to any prior interest or charges affecting th e trust property, the trustee m ay advance to, or apply for the benefit of, a beneficiary part of the trust property prior to the date of the happening of the event upon 24 CAP. 331.] TRUSTS AND TRUSTEES the happening of which the benefi ciary becomes entitled absolut ely thereto. (5) Subject to the terms of the trust, a trustee may appropriate trust property in or towards the satisfaction of the interest o f a beneficiary in such manner and in accordance with such valuatio n as the trustee may think fit. (6) Any part of the trust property advanced, applied or appropriated as aforesaid shall be brought into account in determining from time to time the share of the beneficiary in t he trust property. (7) No part of the trust property advanced, applied or appropriated as provided in this article shall exceed the presumptive, contingent or vested share of the beneficiary in the trust property. Appointment or assignment of trust property. Amended by: XIV . 1989.5.