34Power of Public Trustee to apply income and capital for maintenance, &c., of infant

34 Power of Public Trustee to apply income and capital for maintenance, &c., of infant

[Section 34 Amended by 25 Geo. V No. 78 ]

(1)  *[Section 34 Subsection (1) amended by No. 55 of 1965, s. 5 ]**[Section 34 Subsection (1) amended by No. 14 of 1977, s. 6 ]*Where any property is held by the Public Trustee in trust for an infant, the Public Trustee in his discretion may apply –

(a) the whole or any part of the income of the share to which such infant is entitled in possession; and

(b) [Section 34 Subsection (1) amended by No. 9 of 2006, s. 8, Applied:01 Oct 2006] any part of the capital of the share to which the infant is entitled in possession or remainder immediately expectant on a prior life-interest, not exceeding in the whole one-half of such capital or the prescribed amount whichever is the greater, but no such application of a share in remainder shall be made without the previous consent in writing of the person on whose death such prior interest is determinable–

for the maintenance, education, and advancement or otherwise for the benefit of such infant, during minority.

(2)  The provisions of subsection (1) hereof shall not apply to a case where provision is expressly made by the trust instrument –

(a) for the maintenance, education, advancement, or otherwise for the benefit of an infant; or

(b) prohibiting such application.

(3)  Where any property is held by the Public Trustee in trust for an infant, either for life or for any greater interest, contingently upon the infant attaining a specified age, or on the occurrence of any event before attaining that age, the Public Trustee, in his discretion, may apply for or towards the infant's maintenance, education, advancement, or benefit, the income of such property, or any part thereof, whether or not there is any fund available for such purpose, or any person bound by law to provide for the infant's maintenance or education.

(4)  The Public Trustee shall accumulate all the residue of the income mentioned in subsection (3) hereof, together with compound interest thereon, by investing the same and the resulting income thereof, and shall hold such accumulations for the benefit of the persons who ultimately become entitled to the property from which the same arise; but the Public Trustee, at any time, in his discretion, may apply such accumulations or any part thereof as if the same were income arising in the then current year.