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In This Volume

  • 25 (1) If property is settled or disposed of in such manner that all or part of the income of it may or must be accumulated, the power or direction to accumulate that income is valid if the disposition of the accumulated income is or may be valid, but not otherwise.
  • (2) Nothing in this section affects
  • (a) the rights of any person or persons to terminate an accumulation that is for the benefit of the person or persons, or
  • (b) any jurisdiction or power of the court to direct payments from accumulations under any statute.
  • (3) Subject to subsections (4) and (5), this section applies to instruments taking effect before or after January 1, 1979.
  • (4) Nothing in this section renders invalid any accumulation validly empowered by a disposition taking effect before January 1, 1979.
  • (5) Nothing in this section operates to divest or otherwise affect any interest which had become vested as a result of the expiration before January 1, 1979 of a period of accumulation previously permitted or in force.