Application by trustees of income of minor’s property for maintenance, etc.
42.—(1)  Where any property is held by trustees in trust for a minor, either for life, or for any greater interest, and whether absolutely or contingently on his attaining the age of 21 years, or on the occurrence of any event before his attaining that age, the trustees may, at their sole discretion, pay to the minor’s parent or guardian (if any) or otherwise apply for or towards the minor’s maintenance, education or benefit, the whole or any part of the income to which the minor may be or become entitled in respect of that property, whether there is any other fund applicable to the same purpose or any person bound by law to provide for the minor’s maintenance or education or not.
[7/2009 wef 01/03/2009]
(2)  The trustees shall accumulate all the residue of that income in the way of compound interest, by investing the same and the resulting income thereof from time to time on securities on which they are by the settlement (if any) or by law authorised to invest trust money, and shall hold those accumulations for the benefit of the person who ultimately becomes entitled to the property from which the same arise; but so that the trustees may at any time, if they think fit, apply those accumulations, or any part of them, as if they were income arising in the then current year.
(3)  This section shall apply only if and as far as a contrary intention is not expressed in the instrument under which the interest of the minor arises, and shall have effect subject to the terms of that instrument and to the provisions therein contained.
[7/2009 wef 01/03/2009]
(4)  This section shall apply only in relation to instruments coming into operation at any time before 1st September 1929.