Northern Territory Consolidated Acts

THE TRUSTEE ACT 1893 AND SHALL COME INTO OPERATION ON A DAY TO BE FIXED BY THE GOVERNOR, - SECT 24A

    (1)     Where, under a trust, a person is entitled to the capital of the trust property or any share thereof, the trustee may, from time to time out of that capital, pay or apply for the maintenance, education, advancement or benefit of that person in such manner as the trustee shall in his absolute discretion think fit an amount not exceeding in all $2,000 or half the capital, whichever is the greater, or, with the consent of the Court, an amount greater than that amount.

    (2)     This section applies only where, and in so far as, a contrary intent is not expressed in the instrument, if any, under which the interest of the person entitled to the capital or any share of the trust property arises, and shall have effect subject to the terms of that instrument.

    (3)     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 statute or in equity considered as land.

    (4)     The power conferred by this section may be exercised whether a person is entitled absolutely or contingently on his attaining any specified age or on the happening of any event, or whether his interest is subject to a gift over on his death under any specified age or on the happening 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 belongs or whether the person is entitled in possession or in remainder or reversion.

    (5)     If a person is or becomes absolutely and indefeasibly entitled to a share in the trust property, money paid or applied under subsection (1) shall be brought into account as part of that share.

    (6)     No action shall be taken under subsection (1) so as to prejudice a 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, is under no disability and consents in writing to the action.