s 17 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, save as hereinafter mentioned, be wholly or partially accumulated for any longer period than one of the following: (a) the life of the grantor or settlor; (b) a term of eighteen years from the death of the grantor, or settlor; (c) the duration of the minority or respective minorities of any person living or en ventre sa mere at the death of the grantor or settlor; or (d) the duration of the minority or respective minorities only of any person who under the limitations of the instrument directing the accumulations would, for the time being, if of full age, be entitled to income directed to be accumulated. (2) In every case where any accumulation is directed otherwise than as in subsection (1), the direction shall (save as hereinafter mentioned) be void; and the income of the property directed to be accumulated shall, so long as the same is directed to be accumulated contrary to this section, go to and be received by the person who would have been entitled thereto if the accumulation had not been directed. (3) This section does not extend to any provisionβ (a) for payment of the debts of any grantor, settlor or other person; or (b) for raising portions forβ (i) any child, children or remoter issue of any grantor or settlor; or (ii) any child, children or remoter issue of a person taking any interest under any settlement or other disposition directing the accumulations or to whom any interest is thereby limited, and accordingly such provisions may be made as if no statutory restrictions on accumulation of income had been imposed.