(1) Chapter II of Part XXVIII of the Income Tax Act, 1967, is hereby amended -
(a) in section 443 -
(i) by the substitution of the following subsection for subsection (1):
"(1) Where, by virtue or in consequence of a settlement and during the life of the settlor, any income is, in any year of assessment, paid to or for the benefit of a person, such income shall, if at the time of payment such person is a minor, be treated for the purposes of this Act as income of the settlor for that year and not as income of any other person:
Provided that -
(a) for the purposes of this Chapter, but subject to section 444, income which, by virtue or in consequence of a settlement to which this Chapter applies, is so dealt with that it, or assets representing it, will or may become payable or applicable to or for the benefit of a person in the future (whether on the fulfilment of a condition, or on the happening of a contingency, or as the result of the exercise of a power or discretion conferred