Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1346

1346. (1) The rules of law relating to perpetuities do not apply, and shall be
deemed never to have applied, to the trusts of any fund or scheme for the
benefit of any employee of a corporation, whether the fund or scheme was
established before, or is established after, the commencement of this section.

(2) In this section:

   (a)  a reference to a corporation includes a reference to a body corporate
        or society incorporated or formed, or otherwise duly constituted,
        whether before, at or after the commencement of this section, by or
        under a law of the Commonwealth, of a Territory, of an excluded
        Territory or of a country outside Australia and the external
        Territories;

   (b)  a reference to a fund or scheme includes a reference to a provident,
        superannuation, sick, accident, assurance, unemployment, pension or
        co-operative benefit fund, scheme, arrangement or provision or other
        like fund, scheme, arrangement or provision; and

   (c)  a reference to an employee of a corporation includes a reference to:

        (i)    a director of the corporation; and

        (ii)   a spouse, child, grandchild, parent or any dependant of an
               employee or of a director of the corporation.