CAP. 257]
Perpetuities and Accumulations.
[1970 Ed.
Originally 26 of 1970.
CHAPTER 257.
PERPETUITIES AND ACCUMULATIONS.
To modify the law relating to the avoidance of future interests in property on grounds of remoteness and governing accumulations of income from property.
[13th March, 1970.]
Short title.
Interpretation.
1964, c. 55.
s. 15(2), (3).
Application.
1964, c. 55. s. 15(4)-(7).
PRELIMINARY AND GENERAL.
1. This Ordinance may be cited as the Perpetuities and Accumulations Ordinance.
2. (1) In this Ordinance, unless the context otherwise requires-
"disposition" includes the conferring of a power of appointment and any other disposition of an interest in or right over property, and references to the interest disposed of shall be construed accordingly;
"in being" means living or en ventre sa mère;
"power of appointment" includes any discretionary power to transfer a beneficial interest in property without the furnishing of valuable consideration;
"will" includes a codicil,
(2) For the purposes of this Ordinance a disposition contained in a will shall be deemed to be made at the death of the testator.
(3) For the purposes of this Ordinance a person shall be treated as a member of a class if in his case all the conditions identifying a member of the class are satisfied, and shall be treated as a potential member if in his case some only of those conditions are satisfied but there is a possibility that the remainder will in time be satisfied.
3. (1) Nothing in this Ordinance shall affect the operation of the rule of law rendering void for remoteness certain dispositions under which property is limited to be applied for purposes other than the benefit of any person or class of persons in cases where the property may be so applied after the end of the perpetuity period.
(2) This Ordinance shall apply (except as provided in subsection (2) of section 13 and section 18) only in relation to instruments taking effect after the commencement of this Ordinance, and in the case of an instrument made in the exercise of
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CAP. 257]
Perpetuities and Accumulations.
[1970 Ed.
Originally 26 of 1970.
CHAPTER 257.
PERPETUITIES AND ACCUMULATIONS.
To modify the law relating to the avoidance of future interests in property on grounds of remoteness and governing accumulations of income from property.
[13th March, 1970.]
Short title.
Interpretation.
1964, c. $5.
s. 15(2), (3).
Application.
1964, c. 55. s. 15(4)-(7).
PRELIMINARY AND GENERAL.
1. This Ordinance may be cited as the Perpetuities and Accumulations Ordinance.
2. (1) In this Ordinance, unless the context otherwise requires-
"disposition" includes the conferring of a power of appointment and any other disposition of an interest in or right over property, and references to the interest disposed of shall be construed accordingly;
"in being" means living or en ventre sa mere;
"power of appointment" includes any discretionary power to transfer a beneficial interest in property without the furnish- ing of valuable consideration;
"will" includes a codicil,
(2) For the purposes of this Ordinance a disposition con- tained in a will shall be deemed to be made at the death of the testator.
(3) For the purposes of this Ordinance a person shall be treated as a member of a class if in his case all the conditions identifying a member of the class are satisfied, and shall be treated as a potential member if in his case some only of those conditions are satisfied but there is a possibility that the remainder will in time be satisfied.
3. (1) Nothing in this Ordinance shall affect the operation of the rule of law rendering void for remoteness certain disposi- tions under which property is limited to be applied for purposes other than the benefit of any person or class of persons in cases where the property may be so applied after the end of the perpetuity period.
(2) This Ordinance shall apply (except as provided in sub- section (2) of section 13 and section 18) only in relation to instruments taking effect after the commencement of this Ordin- ance, and in the case of an instrument made in the exercise of
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