Labuan Offshores Trusts Act 1996 · s 25

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s 25Class interest

(1)

Subject to the terms of the trust, the following shall apply where a trust, or an interest under a trust, is in favour of a class of persons:

(a)

a class closes when it is no longer possible for any other person to become a member of the class;

Labuan Trusts 35

(b)

a woman who is over the age of fifty-five years shall be deemed to be no longer capable of bearing a child;

(c)

where any class interest relates to income and for any period there is no member of the class in existence, the income shall be accumulated, and subject to section 16, shall be retained until there is a member of the class in existence or the class closes.

(2)

In this section, ―class interest‖ means a trust or an interest under a trust which is in favour of a class of persons.