Advancement-truts laws and accounts, Financial Accounting

ADVANCEMENT

Trustees may apply not more than half of the presumptive or vested share of the capital held in trust for any person (infant or adult) for  his advancement or benefit (including maintenance) on the following conditions:

1. The trust property consists of money or securities or property held on trust for sale;

2. No advance can be made to prejudice any person with a  prior interest, unless that person is of full age and gives his written consent;

3. The interest may be vested or contingent;

4. The advance must be brought into account on his becoming absolutely entitled;

5. The power may be excluded by the trusts instrument S .34.

Posted Date: 12/13/2012 11:58:08 PM | Location : United States







Related Discussions:- Advancement-truts laws and accounts, Assignment Help, Ask Question on Advancement-truts laws and accounts, Get Answer, Expert's Help, Advancement-truts laws and accounts Discussions

Write discussion on Advancement-truts laws and accounts
Your posts are moderated
Related Questions
1. Assume that the following data relative to Eddy Company for 2014 is available: Net Income $1,400,000 Transactions in Common Shares Change Cumulative Jan. 1, 2014, Beginnin


Aristo Ltd uses a system of absorption costing. The product passes through a machining department and an assembly department before it is completed. The assembly department is labo

Statement of Cash Flows - A statement of cash flows is one of the fundamental financial statements which is required as part of a complete set of financial statements prepared in c

On January 1, 2012, Osborn Company sold 12% bonds having a maturity value of $800,000 for $860,651.79, which provides the bondholders with a 10% yield. The bonds are dated January

explain the types of principles and concepts of financial accountin

Accounts of trustees The trustee must keep proper books of account, which may be inspected by the creditors at any time. The cash book must be audited by the committee of insp

Tally & Co. incurred a pretax operating loss of $100,000 in its first year of operations for both financial reporting and income tax purposes. However, it expects to be profitable

This project allows you to think critically and apply decision-making management techniques. In this project,  you need to solve a bond portfolio problem, a diversified portfolio p

APPOINTMENT OF TRUSTEES Capacity : Any person with legal capacity to hold property may be a trustee, except an infant. But the court will not appoint, and may remove:Persons u