1032. Accumulation and maintenance trusts.

Accumulation and maintenance settlements1 are settlements in the case of which:

  1.  

    (1)     one or more persons2 (called the 'beneficiaries') will, on or before attaining the age of 183, become beneficially entitled to the settled property4;

  2.  

    (2)     no interest in possession5 subsists in the settled property and the income from it is to be accumulated so far as not applied for the maintenance, education or benefit of a beneficiary6; and

  3.  

    (3)     either:

    1.  

      (a)     not more than 25 years have elapsed since the commencement of the settlement7 or, if it was later, since the time (or latest time) when the conditions