International Trusts Order, 2000 · As enacted · Part X · Additional Provisions
93. Power to continue to accumulate income
Official textFrom Attorney General's Chambers, unchanged
When a trust instrument expressly directs the accumulation of income-
trust instrument
"trust instrument" means the written testamentary or other instrument if any by which, or on the terms of which, the trust is created (including any subsequent instruments affecting the terms or administration of the trust) or where the trust was not created by, or on the terms of, any written instrument refers to any trust instrument evidencing an oral declaration creating the trust. Application and restrictions.
{a)
the trustees may in their absolute discretion give effect to that direction notwithstanding any demand for the distribution of income or accumulations of income by any beneficiary or beneficiaries entitled to give a valid receipt for them and entitled
(apart from this section) to put an end to the accumulation of income; and
{b)
notwithstanding anything contained in any written law to the contrary or any rule of law or equity, but subject to section 59(5).
the beneficiaries shall not be entitled to vary the trusts so as to modify or remove the discretion conferred on the trustees by this section.
This section shall apply if and so far only as a contrary intention is not expressed in the trust instrument and shall have effect subjects to the terms of that instrument.
instrument
"instrument" includes a written law and an instrument made under such law;
Terms defined in s 2
instrument
Defined · s 2"instrument" includes a written law and an instrument made under such law;
trust instrument
Defined · s 2"trust instrument" means the written testamentary or other instrument if any by which, or on the terms of which, the trust is created (including any subsequent instruments affecting the terms or administration of the trust) or where the trust was not created by, or on the terms of, any written instrument refers to any trust instrument evidencing an oral declaration creating the trust. Application and restrictions.
Part XI