Distribution to a beneficiary

Before distribution to a beneficiary, the investments will be re-valued and the profits or losses divided between the beneficiaries as follows:-

• Capital investments, equally, or according to the terms of the will or trust deed;
• Accumulation investments, according to the balances on the Income

Accumulations Account at the commencement of the year. A beneficiary may be paid out the share due to him in one of the following ways:-

• Exact division of each investment,
• Appropriation in specie by agreement and adjusting either way in cash,
• All investments realised and the amount due to the beneficiary paid to him.