On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 15/02/2013.
31.
—(1) Income arising from a settlement or disposition of property made on or after the date of commencement of the Trustees (Amendment) Act 2004 may, subject to the terms of the settlement or disposition to the contrary, be accumulated for the duration of the settlement or disposition.
(2) Except as otherwise provided in subsection (4), income arising from a settlement or disposition of property made before the date of commencement of the Trustees (Amendment) Act 2004 shall not be wholly or partially accumulated for any longer period than one of the following, namely:
(a)
the life of the grantor or settlor;
(b)
a term of 21 years from the death of the grantor, settlor or testator;
(c)
the duration of the minority or respective minorities of any person or persons living or en ventre sa mere at the death of the grantor, settlor or testator;
(d)
the duration of the minority or respective minorities only of any person or persons who under the limitations of the instrument directing the accumulations would, for the time being, if of full age, be entitled to the income directed to be accumulated;
(e)
a term of 21 years from the date of the making of the disposition; or
(f)
the duration of the minority or respective minorities of any person or persons in being at the date of the making of the disposition.
(3) In every case where any accumulation is directed otherwise than in accordance with subsection (2), the direction shall, except as otherwise provided in subsection (4), be void, and the income of the property directed to be accumulated shall, so long as the same is directed to be accumulated contrary to this section, go to and be received by the person or persons who would have been entitled thereto if such accumulation had not been directed.
(4) Subsections (2) and (3) do not extend to any provision —
(a)
for payment of the debts of any grantor, settlor, testator or other person; or
(b)
for raising portions for —
(i)
any child, children or remoter issue of any grantor, settlor or testator; or
(ii)
any child, children or remoter issue of a person taking any interest under any settlement or other disposition directing the accumulations or to whom any interest is thereby limited,
and accordingly such provisions may be made as if no statutory restrictions on accumulation of income had been imposed.