CONVEYANCING ACT 1881 - SECT 43 Application by trustees of income of property of infant for maintenance, &c.

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CONVEYANCING ACT 1881 - SECT 43

Application by trustees of income of property of infant for maintenance, &c.

43.(1) Where any property is held by trustees in trust for an infant, either
for life, or for any greater interest, and whether absolutely, or contingently
on his attaining the age of [eighteen] years, or on the occurrence of any
event before his attaining that age, the trustees may, at their sole
discretion, pay to the infant's parent or guardian, if any, or otherwise apply
for or towards the infant's maintenance, education, or benefit, the income of
that property, or any part thereof, whether there is any other fund applicable
to the same purpose, or any person bound by law to provide for the infant's
maintenance or education, or not.

(2) 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 on securities on which they are by the settlement, if any, or by
law, authorized to invest trust money, and shall hold those accumulations for
the benefit of the person who ultimately becomes entitled to the property from
which the same arise; but so that the trustees may at any time, if they think
fit, apply those accumulations, or any part thereof, as if the same were
income arising in the then current year.

(3) This section applies only if and as far as a contrary intention is not
expressed in the instrument under which the interest of the infant arises, and
shall have effect subject to the terms of that instrument and to the
provisions therein contained.

(4) This section applies whether that instrument comes into operation before
or after the commencement of this Act.

Remedies for recovery of annual sums charged on land.

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Northern Irish Legislation

CONVEYANCING ACT 1881 - SECT 43