Disclaimer of power

(1) A person to whom any power, whether coupled with an interest or not, is given, may by deed disclaim the power and, after disclaimer, shall not be capable of exercising or joining in the exercise of the power. (2) On such disclaimer, the power may be exercised by the other person or persons or the survivor or survivors of the persons, to whom the power is given, unless the contrary is expressed in the instrument creating the power.