Full legislation
s.22
Application of insurance money where policy kept up under any trust, power or obligation
Money receivable by trustees or any beneficiary under a policy of insurance against the loss or damage of any property subject to a trust, shall, where the policy has been kept up under any trust in that behalf or under any power statutory or otherwise, or in performance of any covenant or of any obligation statutory or otherwise, or by a tenant for life impeachable for waste, be capital money for the purpose of the trust as the case may be. (Amended 13 of 2013 s. 15 )