1970 Ed.]
Perpetuities and Accumulations.
[CAP. 257
7
(5) Where this section has effect in relation to a disposition to which section 8 applies, the operation of this section shall not affect the validity of anything previously done in relation to the interest disposed of by way of advancement, application of intermediate income or otherwise.
10. Where a disposition is limited by reference to the time of death of the survivor of a person in being at the commencement of the perpetuity period and any spouse of that person, and that time has not arrived at the end of the perpetuity period, the disposition shall be treated for all purposes, where to do so would save it from being void for remoteness, as if it had instead been limited by reference to the time immediately before the end of that period.
11. A disposition shall not be treated as void for remoteness by reason only that the interest disposed of is ulterior to and dependent upon an interest under a disposition which is so void, and the vesting of an interest shall not be prevented from being accelerated on the failure of a prior interest by reason only that the failure arises because of remoteness.
12. For the purposes of the rule against perpetuities, a power of appointment shall be treated as a special power unless—
(a) in the instrument creating the power it is expressed to be exercisable by one person only, and
(b) it could, at all times during its currency when that person is of full age and capacity, be exercised by him so as immediately to transfer to himself the whole of the interest governed by the power without the consent of any other person or compliance with any other condition, not being a formal condition relating only to the mode of exercise of the power:
Provided that for the purpose of determining whether a disposition made under a power of appointment exercisable by will only is void for remoteness, the power shall be treated as a general power where it would have fallen to be so treated if exercisable by deed.
13. (1) The rule against perpetuities shall not operate to invalidate a power conferred on trustees or other persons to sell, lease, exchange or otherwise dispose of any property for full consideration, or to do any other act in the administration (as opposed to the distribution) of any property, and shall not prevent the payment to trustees or other persons of reasonable remuneration for their services.
(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.
Condition relating to death of surviving spouse.
1964, c. 55, s. 5.
Saving and acceleration of expectant interests.
1964, c. 55, s. 6.
Powers of appointment. 1964, c. 55, s. 7.
Administrative powers of trustees. 1964, c. 55, s. 8.
1970 Ed.]
Perpetuities and Accumulations.
[CAP. 257
7
(5) Where this section has effect in relation to a disposition to which section 8 applies, the operation of this section shall not affect the validity of anything previously done in relation to the interest disposed of by way of advancement, application of intermediate income or otherwise.
10. Where a disposition is limited by reference to the time of death of the survivor of a person in being at the commencement of the perpetuity period and any spouse of that person, and that time has not arrived at the end of the perpetuity period, the disposition shall be treated for all purposes, where to do so would save it from being void for remoteness, as if it had instead been limited by reference to the time immediately before the end of that period.
11. A disposition shall not be treated as void for remoteness by reason only that the interest disposed of is ulterior to and dependent upon an interest under a disposition which is so void, and the vesting of an interest shall not be prevented from being accelerated on the failure of a prior interest by reason only that the failure arises because of remoteness.
12. For the purposes of the rule against perpetuities, a power of appointment shall be treated as a special power unless- (a) in the instrument creating the power it is expressed to
be exercisable by one person only, and
(b) it could, at all times during its currency when that person is of full age and capacity, be exercised by him so as immediately to transfer to himself the whole of the interest governed by the power without the consent of any other person or compliance with any other con- dition, not being a formal condition relating only to the mode of exercise of the power:
Provided that for the purpose of determining whether a disposition made under a power of appointment exercisable by will only is void for remoteness, the power shall be treated as a general power where it would have fallen to be so treated if exercisable by deed.
13. (1) The rule against perpetuities shall not operate to invalidate a power conferred on trustees or other persons to sell, lease, exchange or otherwise dispose of any property for full con- sideration, or to do any other act in the administration (as opposed to the distribution) of any property, and shall not prevent the payment to trustees or other persons of reasonable remunera- tion for their services.
(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.
Condition relating to death of surviving spouse.
1964, c. 55, s. 5.
Saving and acceleration of expectant interests.
1964, c. 55, s. 6.
Powers of appointment. 1964, c. 55, s. 7.
Administrative powers of trustees. 1964, c. 55, s. 8.
No comments yet.
Private notes are available after approval.