22Accumulation of income

22 Accumulation of income

(1)  Where 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 that income is valid only if the disposition of the accumulated income is, or may be, valid.

(2)  Nothing in this section affects –

(a) the power of any person to terminate an accumulation that is for his or her benefit; or

(b) any jurisdiction or power of the Supreme Court to maintain or advance out of accumulations; or

(c) any power of a trustee under the Trustee Act 1898 , any other Act or law or any instrument creating a trust or making a disposition.

(3)  This section does not apply where property is settled on trusts for a general charitable intent.