Jan 29, 2013 14:17
11 yrs ago
29 viewers *
English term
maintenance and advancement
English
Law/Patents
Law (general)
Law
Don't know what maintenance and advancement could mean here. The 2 words are in (c) and (d):
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7. POWERS OF APPOINTMENT AND ADVANCEMENT
7.1 The Trustees shall have the following powers, the exercise of which shall be subject to the prior or simultaneous written consent of the Enforcer being obtained:
(a) ...
(i) an appointment may create any provisions and in particular may create discretionary trusts or dispositive or administrative powers, all exercisable by the Trustees or by any other person. Any property subject to any separate trusts or powers may remain consolidated with the Trust Fund without physical division;
(b) ...
(c) The Trustees may pay or apply any Trust Property to or for the maintenance, advancement or benefit of any Beneficiary.
(d) The statutory powers of maintenance and advancement are excluded.
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7. POWERS OF APPOINTMENT AND ADVANCEMENT
7.1 The Trustees shall have the following powers, the exercise of which shall be subject to the prior or simultaneous written consent of the Enforcer being obtained:
(a) ...
(i) an appointment may create any provisions and in particular may create discretionary trusts or dispositive or administrative powers, all exercisable by the Trustees or by any other person. Any property subject to any separate trusts or powers may remain consolidated with the Trust Fund without physical division;
(b) ...
(c) The Trustees may pay or apply any Trust Property to or for the maintenance, advancement or benefit of any Beneficiary.
(d) The statutory powers of maintenance and advancement are excluded.
Responses
4 | distributions of various payments | Lubosh Hanuska |
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distributions of various payments
Assuming the trust is a financial instrument such as a Family Trust - the trustees would have powers to distribute various payments including those two you're asking about:
"maintenance" - where money is allocated for living expenses (to maintain certain level of lifestyle - this would determine how much a person gets paid), and also
"advancement" - money paid upfront for a future expense.
"maintenance" - where money is allocated for living expenses (to maintain certain level of lifestyle - this would determine how much a person gets paid), and also
"advancement" - money paid upfront for a future expense.
4 KudoZ points awarded for this answer.
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