58Infant beneficiary, application of income until 18

58. Infant beneficiary, application of income until 18

(1) Where any property is held by a trustee in trust for any person for any interest whatsoever, whether vested or contingent, then, subject to any prior interests or charges affecting that property —

(a) during the infancy of that person, if his interest so long continues, the trustee may, at his sole discretion, pay to his parent or guardian (if any) or otherwise apply for or towards his maintenance, education (including past maintenance or education) or his advancement or benefit, the whole or such part, if any, of the income of that property as may, in all the circumstances, be reasonable, whether or not there is —

(i) any other fund applicable to the same purpose; or

(ii) any person bound by law to provide for his maintenance, education, advancement or benefit;

and

(b) if the person on attaining the age of 18 years has not a vested interest in that income, the trustee shall thenceforth pay the income of that property and of any accretion thereto, under subsection (2), to him until he either attains a vested interest therein or dies, or until failure of his interest;

but, in deciding whether the whole or any part of the income of the property is during a minority to be paid or applied for the purposes in this subsection mentioned, the trustee shall have regard to the age of the infant and his requirements and, generally, to the circumstances of the case, and in particular to what other income (if any) is applicable for the same purposes; and where the trustee has notice that the income of more than one fund is applicable for those purposes, then, so far as practicable, unless the entire income of the funds is paid or applied for those purposes or the Court otherwise directs, a proportionate part only of the income of each fund shall be so paid or applied.

(2) During the infancy of any such person as is mentioned in subsection (1), if his interest so long continues, the trustee shall accumulate all the residue of that income in the way of compound interest by investing it and the resulting income thereof from time to time in investments in which trust funds may be invested under this Act, and shall hold those accumulations —

(a) if the person —

(i) attains the age of 18 years, or marries under that age, and his interest in the income during his infancy or until his marriage is a vested interest; or

(ii) on attaining the age of 18 years or on marriage under that age becomes entitled to the property from which the income arose in fee simple, absolute or determinable, or absolutely, or for an entailed interest,

in trust for that person absolutely, but without prejudice to any provisions with respect thereto contained in any settlement by him made under any statutory power during his infancy, and so that the receipt of that person after marriage, and though still an infant, shall be a good discharge; and