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PROPERTY LAW ACT 1974 - SECT 209
Power to specify perpetuity period
209 Power to specify perpetuity period
(1) Except as otherwise provided in this part where the instrument by which
any disposition is made so provides the perpetuity period applicable to the
disposition under the rule against perpetuities instead of being of any other
duration shall be such number of years not exceeding 80 as is specified in the
instrument as the perpetuity period applicable to the disposition.
(2)
Subsection (1) shall not have effect where the disposition is made in exercise
of a special power of appointment but where a period is specified under that
subsection in the instrument creating such a power the period shall apply in
relation to any disposition under the power as it applies in relation to the
power itself.
(3) If no period of years is specified in an instrument by
which a disposition is made as the perpetuity period applicable to the
disposition but a date certain is specified in the instrument as the date on
which the disposition shall vest the instrument shall, for the purposes of
this section, be deemed to specify as the perpetuity period applicable to the
disposition a number of years equal to the number of years from the date of
the taking effect of the instrument to the specified vesting date.
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