TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 34 Protective trusts.

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TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 34

Protective trusts.

34.(1) Where any income, including an annuity or other periodical income
payment, is directed to be held on protective trusts for the benefit of any
person (in this section referred to as "the principal beneficiary") for the
period of his life or any less period, then, during that period (in this
section referred to as "the trust period") the said income shall, without
prejudice to any prior estate or interest be held

(a)upon trust for the principal beneficiary until whichever of the following
events shall first occur

(i)the trust period expires; or

(ii)the principal beneficiary (whether before or after the termination of any
prior estate or interest) does or attempts to do or suffers any act or thing,
or until any other event (not being an advance under any statutory or express
power) happens whereby, if during the trust period the said income were
payable to the principal beneficiary absolutely, he would be deprived of the
right to receive the same or any part thereof; and

(b)upon trust, where any of the events referred to in sub-paragraph (ii) of
paragraph (a) happens during the subsistence of the trust period, to apply the
said income (as the trustees in their absolute discretion, without being
liable to account for the exercise of their discretion, think fit) for the
maintenance or support, or otherwise for the benefit, of all or any one or
more exclusively of the other or others of the following persons

(i)the principal beneficiary and his or her wife or husband, if any, and his
or her children or more remote issue, if any; and

(ii)if as often as and while there is no living issue of
the principal beneficiary, the principal beneficiary and his or her wife or
husband, if any, and the persons who, if the principal beneficiary were
actually dead without having married would for the time being be his next of
kin;

(b)so that the trustees in the exercise of their discretion may apply any
income accrued but unapplied in any previous year for the purposes of the
trusts implied as aforesaid in any subsequent year.

(2) This section does not apply to trusts coming into operation before the
commencement of this Act, and has effect subject to any variation of the
trusts implied as aforesaid contained in the instrument creating the trust.

(3) Nothing in this section operates to validate any trust which would, if
contained in the instrument creating the trust, be liable to be set aside.

Power of appointing new or additional trustees.

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Northern Irish Legislation

TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 34