Queensland Consolidated Acts

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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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