Queensland Consolidated Acts

PROPERTY LAW ACT 1974 - SECT 220

220 Trustee powers and superannuation funds

(1) The rule of law known as the rule against perpetuities does not apply and shall be deemed never to have applied so as to render void—

(a) a trust or power to sell property, where a trust of the proceeds of sale is valid; or

(b) a trust or power to lease or exchange property, where the lease or exchange directed or authorised by the trust or power is ancillary to the carrying out of a valid trust; or

(c) any other power which is ancillary to the carrying out of a valid trust or the giving effect to a valid disposition of property; or

(d) a trust or fund established for the purpose of making provision by way of assistance, benefits, superannuation, allowances, gratuities or pensions for persons who are or have been—

(i) employees; or

(ii) self-employed persons; or

(iii) employees and self-employed persons; or

(iv) the spouses, children, grandchildren, parents, dependants or legal personal representatives of employees or self-employed persons; or

(v) persons selected or nominated by an employee or a self-employed person under the provisions of such trust or fund; or

(e) any provision for the remuneration of trustees.

(2) This section does not—

(a) render any trustee liable for any acts done prior to the commencement of this Act for which that trustee would not have been liable had this section not been enacted; or

(b) enable any person to recover any money distributed or paid under any trust prior to the commencement of this Act, if the person could not have recovered that money had this section not been enacted.

(3) In this section—

"employee" includes directors, servants, officers or employees of any employer or employers.

"self-employed persons" includes persons engaged in any lawful profession, trade, occupation or calling.