Section 96
of International Trusts Order, 2000
Section 96
(1)
The rules of equitable apportionment known as the Rule in Howe v. Earl of
Dartmouth, the Rule in Re Earl of Chesterfield’s Trusts and the Rule in Allhusen v. Whittell shall not (in any of their branches) apply to an international trust.
(2)
Whenever trustees of an international trust in their discretion determine that property held by them for successive interests is not (when considered as a whole) so invested as to maintain a fair balance between beneficiaries interested in current income and other beneficiaries, or that a particular receipt disturbs that balance, the trustees may apportion income receipts to capital of the trust property or apportion capital receipts to income of the trust property so far (if at all) as they in their discretion consider necessary in order to restore such balance.
(3)
On the application of a beneficiary (whether or not under a disability) aggrieved by any act or failure to act by trustees under subsection (2) the Court may give such directions as the Court may think fit for the purpose of redressing such grievance.
(4)
A trustee who has acted in good faith shall not be personally liable for the costs of any other party to any such application and the costs of such a trustee of such an application shall be provided for out of the trust property or its income.
59
BLUV as at 16th December 2010
(5)
Subsections (2), (3) and (4) shall apply if and so far only as a contrary intention is not expressed in the trust instrument and shall have effect subject to that instrument.
Incorporation by reference.