sec.64Protective trusts

### sec.64 Protective trusts Where any income, including an annuity or other periodical income payment, is directed to be held on protective trusts for the benefit of any person ( the principal beneficiary ) for the period of the principal beneficiary’s life or for any less period, then, during that period (the trust period ) the income shall, without prejudice to any prior interest, be held on the following trusts, namely— upon trust for the principal beneficiary during the trust period or until the principal beneficiary, whether before or after the termination of any prior interest, does or attempts to do or suffers any act or thing, or until any event happens, other than an advance under any statutory or express power, whereby if the said income were payable during the trust period to the principal beneficiary absolutely during that period, the principal beneficiary would be deprived of the right to receive the same or any part thereof, in any of which cases, as well as on the termination of the trust period, whichever first happens, this trust of the said income shall fail or determine; if the trust to which paragraph (a) refers fails or determines during the subsistence of the trust period, then, during the residue of that period, upon trust for the application thereof for the maintenance, education (including past maintenance or education), advancement or benefit, of all of any 1 or more exclusively of the other or others of the following persons (that is to say)— the principal beneficiary and his or her wife or husband (if any), and his or her issue (if any); if there is no wife or husband or issue of the principal beneficiary in existence, the principal beneficiary and the persons who would, if the principal beneficiary were actually dead, be entitled to the trust property or the income thereof or to the annuity fund (if any), or arrears of the annuity, as the case may be— as the trustee in the trustee’s absolute discretion, without being liable to account for the exercise of such discretion, thinks fit. Nothing in this section operates to validate any trust which would, if contained in the instrument creating the trust, be liable to be set aside. (sec.64-ssec.1) Where any income, including an annuity or other periodical income payment, is directed to be held on protective trusts for the benefit of any person ( the principal beneficiary ) for the period of the principal beneficiary’s life or for any less period, then, during that period (the trust period ) the income shall, without prejudice to any prior interest, be held on the following trusts, namely— upon trust for the principal beneficiary during the trust period or until the principal beneficiary, whether before or after the termination of any prior interest, does or attempts to do or suffers any act or thing, or until any event happens, other than an advance under any statutory or express power, whereby if the said income were payable during the trust period to the principal beneficiary absolutely during that period, the principal beneficiary would be deprived of the right to receive the same or any part thereof, in any of which cases, as well as on the termination of the trust period, whichever first happens, this trust of the said income shall fail or determine; if the trust to which paragraph (a) refers fails or determines during the subsistence of the trust period, then, during the residue of that period, upon trust for the application thereof for the maintenance, education (including past maintenance or education), advancement or benefit, of all of any 1 or more exclusively of the other or others of the following persons (that is to say)— the principal beneficiary and his or her wife or husband (if any), and his or her issue (if any); if there is no wife or husband or issue of the principal beneficiary in existence, the principal beneficiary and the persons who would, if the principal beneficiary were actually dead, be entitled to the trust property or the income thereof or to the annuity fund (if any), or arrears of the annuity, as the case may be— as the trustee in the trustee’s absolute discretion, without being liable to account for the exercise of such discretion, thinks fit. (sec.64-ssec.2) Nothing in this section operates to validate any trust which would, if contained in the instrument creating the trust, be liable to be set aside. - (a) upon trust for the principal beneficiary during the trust period or until the principal beneficiary, whether before or after the termination of any prior interest, does or attempts to do or suffers any act or thing, or until any event happens, other than an advance under any statutory or express power, whereby if the said income were payable during the trust period to the principal beneficiary absolutely during that period, the principal beneficiary would be deprived of the right to receive the same or any part thereof, in any of which cases, as well as on the termination of the trust period, whichever first happens, this trust of the said income shall fail or determine; - (b) if the trust to which paragraph (a) refers fails or determines during the subsistence of the trust period, then, during the residue of that period, upon trust for the application thereof for the maintenance, education (including past maintenance or education), advancement or benefit, of all of any 1 or more exclusively of the other or others of the following persons (that is to say)— (i) the principal beneficiary and his or her wife or husband (if any), and his or her issue (if any); (ii) if there is no wife or husband or issue of the principal beneficiary in existence, the principal beneficiary and the persons who would, if the principal beneficiary were actually dead, be entitled to the trust property or the income thereof or to the annuity fund (if any), or arrears of the annuity, as the case may be— as the trustee in the trustee’s absolute discretion, without being liable to account for the exercise of such discretion, thinks fit. - (i) the principal beneficiary and his or her wife or husband (if any), and his or her issue (if any); - (ii) if there is no wife or husband or issue of the principal beneficiary in existence, the principal beneficiary and the persons who would, if the principal beneficiary were actually dead, be entitled to the trust property or the income thereof or to the annuity fund (if any), or arrears of the annuity, as the case may be— - (i) the principal beneficiary and his or her wife or husband (if any), and his or her issue (if any); - (ii) if there is no wife or husband or issue of the principal beneficiary in existence, the principal beneficiary and the persons who would, if the principal beneficiary were actually dead, be entitled to the trust property or the income thereof or to the annuity fund (if any), or arrears of the annuity, as the case may be—