Western Australian Current Acts Western Australian Current Acts (1) The rule against
perpetuities does not apply to —
(a) an
option granted to a lessee in respect of the property demised, being an option
exercisable only during the currency of the lease or within one year after the
expiration thereof and enabling the lessee or the lessee for the time being to
purchase the freehold or other superior interest in the demised property; or
(b) an
option to acquire an interest in land, not being an option to which paragraph
(a) refers.
(2) An option to which
subsection (1)(b) refers, and which according to its terms is, or may be,
exercisable at a date more than 21 years from the date of its grant, becomes
void, on the expiry of 21 years from the date of its grant, as between the
original parties to that grant and all persons claiming through them.
(3) Nothing in this
section affects an option for renewal contained in a lease or a pre-emptive
right to acquire an individual unit or individual units of accommodation in a
building containing several units.