55(1)A person to whom a power, whether coupled with an interest or not, is given, may by deed release or contract not to exercise the power.

55(2)A person to whom a power, whether coupled with an interest or not, is given may, by deed, disclaim the power, and, after disclaimer, is not capable of exercising or joining in the exercise of the power.

55(3)On such disclaimer, the power may be exercised by the other, or the survivors of the other, persons to whom the power is given, unless the contrary is expressed in the instrument creating the power.