(1) A trustee of any
property, or any person interested under, or on the invalidity of a limitation
of property, may at any time apply to the Court for a declaration as to the
validity, in respect of the rule against perpetuities, of a limitation of that
property.
(2) The Court may, on
an application under subsection (1), make a declaration, on the basis of facts
existing and events that have occurred at the time the declaration is made, as
to the validity or otherwise of the limitation in respect of which the
application is made; but the Court shall not make a declaration in respect of
any limitation the validity of which cannot be determined at the time at which
the Court is asked to make the declaration.