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Showing contexts for: settlor beneficiary same in Trustees Of Heh The Nizams Jewellery ... vs Assistant Commissioner Of Wealth-Tax. on 30 August, 1993Matching Fragments
(c) During the lifetime of the Settlor to accumulate and invest the net income (if any) of the respective Units of the Remaining Sons Fund allocated to each such beneficiary as aforesaid Provided that it shall be lawful for the Trustees whenever they in their absolute discretion so think fit during the lifetime of the Settlor to pay to each such beneficiary such sums of money from time to time as they may think proper out of the income of the respective Units of the Remaining Sons Fund allocated to each such beneficiary or the accumulations thereof AND subject to the above, such accumulations of the income of such respective Units of the Remaining Sons Fund and the investments thereof all resulting income therefrom shall form part of such respective units of the Remaining Sons Fund allocated to each such beneficiary and be held upon the same trusts as those relating to such respective Units of the Remaining Sons Fund allocated to each such beneficiary.
(d) From and after the death of the Settlor to pay the net income of the respective Units of the Remaining Sons Fund allocated to each such beneficiary as aforesaid to each such beneficiary absolutely for and during the terms of his or her respective life.
(e) On the death of the Survivor of the Settlor and of each such beneficiary leaving a child or children and/or remoter issue him or her then surviving to divide and distribute the Units of the Remaining Sons Fund allocated to such beneficiary as aforesaid among such child or children and/or remoter issue of such beneficiary per stripes in the proportion of two shares for every male child or remoter issue of such beneficiary to one share for every female child or remoter issue of such beneficiary standing in the same degree of relationship and so that no person shall take whose parent entitled to a share under this clause shall be living and further so that persons standing in the same degree of relationship shall take between themselves in the same proportions as above the share which their parent would have taken if living provided, however, that if any of the first 13 (thirteen) beneficiaries specified in Part II of the Third Schedule here under written (i.e., beneficiaries other than the 7 (seven) grand-children of the Settlor specified in item 14 of Part II of the Third Schedule hereunder written) shall die without leaving any child or remoter issue him surviving then the Trustee shall on his death hold the Units of the Remaining Sons Fund allocated to such beneficiary as aforesaid UPON TRUST to divide the same into two equal parts and to allocate one such equal part to the remaining beneficiaries specified in Part II of the Third Schedule hereunder written (including the 7 (seven) grand-children of the Settlor specified in item 14 of Part II of the Third Schedule hereunder written) in the share and proportions mentioned against their respective names in the second column thereof and to allocate the other such equal part to the daughters of the Settlor specified in Part III of the Third Schedule hereunder written in equal shares and proportions and to hold and stand possessed of the respective shares which on such division and allocation shall go to the respective beneficiaries specified in Parts II and III of the Third Schedule hereunder written Upon Trust to add the same to and amalgamate the same with the respective Units of the Remaining Sons Fund or the Remaining Daughters Fund hereinafter referred to (as the case may be) originally allocated to them respectively under the provisions of this clause and the next succeeding clause 10 hereof and to hold the same respectively upon the same respective trusts as those upon which the respective original Units to which they are added and with which they are amalgamated as aforesaid are directed to be held under the provisions of this clause and of the next succeeding clause 10 hereof provided further that if any of the said 7 (seven) grand-children of the Settlor specified in item 14 of Part II of the Third Schedule hereunder written shall die without leaving any child or remoter issue him or her surviving then the Trustees shall on his or her death hold the Units of the Remaining Sons Fund allocated to such grand-child of the Settlor as aforesaid UPON TRUST to divide the same in the proportions in which the Units of the Remaining Sons Fund are allocated to the remaining grand-children of the Settlor as specified against their respective names in the Second column of Part II of the Third Schedule hereunder written and to hold and stand possessed of the respective shares which on such division shall go to the respective grand-children specified in item 14 of Part II of the Third Schedule hereunder written UPON TRUST to add the same to and amalgamate the same with the respective Units of the Remaining Sons Fund originally allocated to them respectively under the provisions of this clause and to hold the same respectively upon the same respective trusts as those upon which the respective original Units to which they are added and with which they are amalgamated as aforesaid are directed to be held under the provisions of this clause."
3. On a perusal of the aforesaid clause it is evident that the Trustees are to manage and accumulate the income after meeting expenses till the death of the Settlor, though an absolute discretion is given to the Trustees to pay to the beneficiaries in their specific shares, upon death of the Settlor, the net income is to be given absolutely to the beneficiaries for their respective lives and on their death the units of the fund are to be divided among/distributed to their children in such a way that a male child or remoter issue gets double the share of a female child or remoter issue.