44Advancement

44 Advancement (1) If, under a trust, a person is entitled to the capital of the trust property or to a share in it, the trustee may pay or apply any capital money subject to the trust, not more than 1/2 of the value of the property or share, for the advancement or benefit of the person or, if the person is a child, for the maintenance, education, advancement or benefit of the person in any way the trustee considers appropriate (in his or her absolute discretion). (2) The power conferred by this section may be exercised whether the person is entitled absolutely or contingently on his or her attaining any specified age or on the occurrence of any other event, or subject to a gift over on his or her death under any specified age or on the occurrence of any other event, and, notwithstanding that the interest of the person so entitled is liable to be defeated by the exercise of a power of appointment or revocation, or to be diminished by the increase of the class to which he or she belongs. (3) The power conferred by this section may be exercised whether the person is so entitled in possession or in remainder or reversion. (4) If the person is or becomes absolutely and indefeasibly entitled to a share in the trust property, the money so paid or applied shall be brought into account as part of such share.

(5) No such payment or application shall be made so as to prejudice any person entitled to any prior life or other interest, whether vested or contingent, in the money paid or applied unless such person is in existence and an adult and consents in writing to the payment or application. (6) This section applies only where the trust property consists of money or securities or property held upon trust for sale calling in and conversion, and the money or securities or the proceeds of the sale calling in and conversion are not by a law in force in the Territory, or in equity, considered as land. (7) This section applies to a trust except so far as the contrary intention