Options relating to land,
by. 1964. c. 55. 4.9.1
Avoidance of contractual and other rights in cases of remoteness. 1964, c. 55, IL 100
Possibilities of resulting trust, conditions subsequent, exceptions and reservations. [c. 1964, e. $5, 44)
8
(2) Subsection (1) shall apply for the purpose of enabling a power to be exercised at any time after the commencement of this Ordinance notwithstanding that the power is conferred by an instrument which took effect before that commencement.
14. (1) The rule against perpetuities shall not apply to a disposition consisting of the conferring of an option to acquire for valuable consideration an interest reversionary (whether directly or indirectly) on the term of a lease if-
(a) the option is exercisable only by the lessee or his
successors in title, and
(6) it ceases to be exercisable at or before the expiration of
one year following the determination of the lease. This subsection shall apply in relation to an agreement for a lease as it applies in relation to a Icase, and "lessçe" shall be construed accordingly.
(2) In the case of a disposition consisting of the conferring of an option to acquire for valuable consideration any interest in land, the perpetuity period under the rule against perpetuities shall be twenty-one years, and section 6 shall not apply.
15. Where a disposition inter vivos would fall to be treated as void for remoteness if the rights and duties thereunder were capable of transmission to persons other than the original parties and had been so transmitted, it shall be treated as void as between the person by whom it was made and the person to whom or io whose favour it was made or any successor of his, and no remedy shall lie in contract or otherwise for giving effect to it or making restitution for its lack of effect.
16. (1) In the case of a possibility of a resulting trust on the determination of any determinable interest in property, the rule against perpetuities shall apply in relation to the provision causing the interest to be determinable as it would apply if that provision were expressed in the form of a condition subsequent giving rise. on breach thereof, to a right of re-entry or an equivalent right in the case of property other than land, and where the provision falls to be treated as void for remoteness the determinable interest shall become an absolute interest.
(2) Where a disposition is subject to any such provision, or to any such condition subsequent, or to any exception or reser- vation, the disposition shall be treated for the purposes of this Ordinance as including a separate disposition of any rights arising by virtue of the provision, condition subsequent, exception or reservation.
ACCUMULATIONS.
17. (1) No person may by any instrument or otherwise settle or dispose of any property in such manner that the income thereof sball, save as hereinafter mentioned, be wholly or partially accumulated for any longer period than one of the following. namely
(a) the life of the grantor or settlor; or
(6) a term of twenty-one years from the death of the
grantor, settlor or testator; or
(c) the duration of the minority or respective minorities of any person in being at the death of the grantor, settlor or testator: or
(d) the duration of the minority or respective minorities only
of any person who under the limitations of the instru ment directing the accumulations would, for the time being, if of full age, be entitled to the income directed to be accumulated; or
(e) a term of twenty-one years from the date of the making
of the disposition; or
*{f}__ the duration of the minority or respective minorities of any person or persons in being at the date of the making of the disposition.
(2) In every case where any accumulation is directed other- wise than as aforesaid, the direction shall (save as hereinafter mentioned) be void; and the income of the property directed to be accumulated shall, so long as the same is directed to be accumulated contrary to this section, go to and be received by the person who would have been entitled thereto if such accumula- tion had not been directed.
(3) The restrictions imposed by subsection (1) apply in relation to a power to accumulate income whether or not there is a duty to exercise that power, and they apply whether or not the power to accumulate extends to income produced by the investment of income previously accumulated.
(4) This section does not extend to any provision-
(a) for payment of the debts of any grantor, settlor,
testator or other person;
(b) for raising portions for-
(i) any child or remoter issue of any grantor, settior or testator; or
General
restrictions on accumulations of income. Jer. 1925. e. I, *. 164. d 1964. 2 51. £ [1]