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PROPERTY LAW ACT 1974 - SECT 218
Options
218 Options
(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 the lessee’s
successors in title; and
(b) it ceases to be exercisable at or before the
expiration of 1 year following the determination of the lease.
(1A)
Subsection (1) applies in relation to an agreement for a lease as it applies
in relation to a lease, and
"lessee" shall be construed accordingly.
(2) An option to acquire an interest
in land (not being an option to which subsection (1) applies) or a right of
pre-emption in respect of land, which according to its terms is or may be
exercisable at a date more than 21 years from the date of its grant shall
after the expiration of 21 years from the date of its grant be void and not
exercisable by any person and no remedy shall lie in contract or otherwise for
giving effect to it or making restitution for its lack of effect, but— (a)
this subsection shall not apply to an option or right of pre-emption conferred
by will; and
(b) nothing in this subsection shall affect an option for
renewal or right of pre-emption contained in a lease or an agreement for a
lease.
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