Section 46: Accumulation and advancement

46. Accumulation and advancement (1) Subject to the terms of the trust and subject to any prior interests or charges affecting the trust property, where a beneficiary is a minor and his interest— (a) is a vested interest; or (b) is an interest which will become vested— (i) on attaining the age of majority; or (ii) at any later age; or (iii) upon the happening of any event, the trustee may— (A) accumulate the income attributable to the interest of such beneficiary pending the attainment of the age of majority or such later age or the happening of such event; (B) apply such income or part of it to or for the maintenance, education or other benefit of such beneficiary; (C) advance or appropriate to or for the benefit of any such beneficiary such interest or part of such interest. (2) The receipt of a parent or the lawful guardian of a beneficiary who is a minor shall be a sufficient discharge to the trustee for a payment made under subsection (1). (3) Subject to the terms of the trust and subject to any prior interests or charges affecting the trust property, the trustee may advance or apply for the benefit of a beneficiary part of the trust property prior to the date of the event upon the happening of which the beneficiary becomes entitled absolutely to the property. (4) Any part of the trust property advanced or applied under paragraph (3) shall be brought into account in determining from time to time the share of the beneficiary in the trust property. (5) No part of the trust property advanced or applied under paragraph (3) shall exceed the presumptive, contingent or vested share of the beneficiary in the trust property.