Section 35

upon trust for the principal beneficiary during the trust period or until the principal beneficiary, whether before or after the termination of any prior interest, does or attempts to do or suffers any act or thing, or until any event happens, other than an advance under any statutory or express power, whereby, if the income were payable during the trust period to the principal beneficiary absolutely during that period, the principal beneficiary would be deprived of the right to receive the same or any part of it, in any of which cases, as well as on the termination of the trust period, whichever first happens, this trust of the income fails or determines;

if the trust referred to in paragraph (a) fails or determines during the subsistence of the trust period, then, during the residue of that period, the income must be held upon trust to be applied for the maintenance or support, or otherwise for the benefit, of all or any one or more exclusively of the other or others of the following persons as the trustees in their absolute discretion, without being liable to account for the exercise of their discretion, think fit:

the principal beneficiary and his or her wife or husband (if any) and his or her children or more remote issue, if any; or

if there is no wife or husband or issue of the principal beneficiary in existence, the principal beneficiary and the persons who would, if the principal beneficiary were actually dead, be entitled to the trust property or its income or to the annuity fund (if any) or arrears of the annuity, as the case may be.