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TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 33

Power of advancement.

33.(1) Trustees may at any time or times pay or apply any capital money
subject to a trust, for the advancement or benefit, in such manner as they
may, in their absolute discretion, think fit, of any person entitled to the
capital of the trust property or of any share thereof, whether absolutely or
contingently on his attaining any specified age or on the occurrence of any
other event, or subject to a gift over on his death under any specified age or
on the occurrence of any other event, and whether in possession or in
remainder or reversion, and such payment or application may be made
notwithstanding that the estate or interest of such person is liable to be
defeated by the exercise of a power of appointment or revocation, or to be
diminished by the increase of the class to which he belongs so, however, that

(a)the money so paid or applied for the advancement or benefit of any person
shall not exceed altogether in amount one-half of the presumptive or vested
share, estate or interest of that person in the trust property; and

(b)if that person is or becomes absolutely and indefeasibly entitled to a
share in the trust property the money so paid or applied shall be brought into
account as part of such share; and

(c)no such payment or application shall be made so as to prejudice any person
entitled to any prior life or other estate or interest, whether vested or
contingent, in the money paid or applied unless such person is in existence
and of full age and consents in writing to such payment or application.

(2) This section applies only where the trust property consists of

(a)money or securities which are not by statute or in equity considered as
land or applicable as capital money for the purposes of the Settled Land Acts,
1882 to 1890; or

(b)property held upon trust for sale, calling in and conversion and the
proceeds of such sale, calling in and conversion are not in equity considered
as land.

(3) This section does not apply to trusts constituted or created before the
commencement of this Act.

© 1958 Crown Copyright

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