New South Wales Consolidated Acts

TRUSTEE ACT 1925 - SECT 43A

43A Maintenance for infant beneficiaries and accumulation--instruments that came into operation before 1 March 1926

(1) Subsections (2)-(5) re-enact (with minor modification) section 18 of the Trustee Act 1898 and are transferred provisions to which section 30A of the Interpretation Act 1987 applies.

(2) In all cases where any property is held by trustees in trust for an infant, either absolutely or contingently on his or her attaining the age of 21 years, or on the occurrence of any event previously to his or her attaining that age, such trustees may pay to the guardian (if any) of such infant, or may otherwise apply for or towards the maintenance or education of such infant, the whole or any part of the income to which such infant may be entitled in respect of such property, whether there be any other fund applicable to the same purpose or any other person bound by law to provide for such maintenance or education or not, and such trustees shall accumulate all the residue of such income by way of compound interest by investing the same, and the resulting income thereof from time to time, in proper securities for the benefit of the person who shall ultimately become entitled to the property from which such accumulation has arisen--

(3) Provided that such trustees may at any time apply the whole or any part of such accumulations as if the same were part of the income arising in the then current year.

Note : Subsections (2) and (3) re-enact section 18 (1) and (2) of the Trustee Act 1898 (
"the 1898 Act" ) and, as provided by subsection (1), are transferred provisions to which section 30A of the Interpretation Act 1987 applies. They were transferred by the Statute Law (Miscellaneous Provisions) Act 2011 to enable the repeal of the 1898 Act. On the commencement of this Act on 1 March 1926, those provisions were repealed by the Schedule to this Act, except to the extent provided by section 43 (11). As a result they applied only where the instrument creating the trust came into operation before that date.

(4) The power conferred by subsection (2) extends to the payment, after the commencement of the Minors (Property and Contracts) Act 1970 , of income to an infant who has reached the age of 18 years, but this section does not limit the generality of subsection (1).

(5) This section does not affect such right as an infant may have in consequence of the Minors (Property and Contracts) Act 1970 , upon reaching the age of 18 years or otherwise, to call for payment or transfer of property to which he or she is absolutely entitled.