General restrictions on accumulation of income

(1) No person may by any instrument or otherwise settle or dispose of any property in such manner that the income thereof shall, except as hereinafter mentioned, be wholly or partially accumulated for any longer period than one of the following, namely, (a) the life of the grantor or settlor; (b) a term of twenty-one years from the death of the grantor, settlor or testator; or (c) the duration of the minority or respective minorities of any person or persons living or en ventre sa mere at the death of the grantor, settlor or testator; or (d) the duration of the minority or respective minorities only of any person or persons who under the limitations of the instrument directing the accumulations would, for the time being, if of full age, be entitled to the income directed to be accumulated. (2) In every case where any accumulation is directed otherwise than as aforesaid, the direction shall (except as hereinafter mentioned) be void, and the income of the property 90 directed to be accumulated shall, so long as it is directed to be accumulated contrary to this section, go to and be received by the person or persons who would have been entitled thereto if such accumulation had not been directed. (3) This section shall not extend to any provision, (a) for payment of the debts of any grantor, settlor, testator or other person; (b) for raising portions for, (i) any child, children or remoter issue of any grantor, settlor or testator; or (ii) any child, children or remoter issue of a person taking any interest under any or directing the accumulations or to whom any interest is thereby limited; (c) respecting the accumulation of the produce of timber or wood, and accordingly such provisions may be made as if no statutory restrictions on accumulation of income had been imposed. (4) The restrictions imposed by this section shall apply to instruments made on or after 28th July, 1800, but in the case of wills only where the testator was living and of testamentary capacity after the end of one year from that date.