202Accumulation of income

202 Accumulation of income (1) If property is settled or disposed of so that the income of the property may be or is directed to be accumulated wholly or in part, the power or direction to accumulate the income is valid only if the disposition of the accumulated income is or may be valid. (2) Nothing in subsection (1) affects: (a) property settled or disposed of for a purpose that is charitable; (b) the power of a person to terminate an accumulation that is for his or her benefit; (c) the jurisdiction or power of the Supreme Court to maintain or advance out of accumulations; or (d) a power of a trustee under the Trustee Act 1893 or any other Act or law or an instrument creating a trust or making a disposition.