(ii) carry forward any loss incurred to the next financial year and recoup the loss if possible out of the profits of that year or any ensuing year before the distribution of any income allowed by this trust; and
(iii) distribute the whole or any part of the income or capital of the trust fund towards the maintenance, education (including Past maintenance And education ) advancement in life or otherwise for the general benefit of any beneficiary who is a natural person. If the beneficiary is an infant then the trustee may pay the same or any Part to the guardian or other person for the time being taking care of the infant, without being responsible to see to any application thereof.
Default distribution of income
(d) any income of the trust fund not distributed prior to 30 june in any financial year shall be held by the trustee upon trust for the principal beneficiary but if the principal beneficiary is not then living then for such of the beneficiaries referred to in clause 7 (a)(i)(B ) AS shall then be living and if more than one in equal shares as tenants in common but with issue taking by representation.
Default Distribution capital (and undistributed income) on the vesting day
(e) Any capital or income of the trust fund not distributed prior to the vesting day shall be help by the trustee upon trust for the principal beneficiary but if the principal beneficiary is not then living then for such of the beneficiaries referred to in clause 7 (a)(i)(B) as shall then be living and if more than one in equal shares as tenants in common but with issue taking by representation.
Declarations, resolutions and determinations
(f) Any declaration, resolution or determination of the trustee shall be recorded in writing And signed by the trustee. The document of declaration, resolution or determination may consist of one document or of separate documents in similar terms. The requirement for such writing And signature may, but need not, apply to any act of distribution where the amount is placed to the credit of the beneficiary in the books of the trust fund or paid by 'not negotiable'