Section 5Part 2 — Rule against perpetuities
Perpetuity period
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Subject to subsections (2) to (4), the perpetuity period applicable to a disposition is the period of one hundred and fifty years commencing at the effective date of the instrument by which the disposition is made.
In the case of a disposition of an interest which is unconditionally revocable (which is to say that the disponer may, in the disponer's sole discretion, revoke the interest and vest it in themselves) the perpetuity period commences when the interest ceases to be unconditionally revocable.
In the case of a disposition made in exercise of a special power of appointment, the perpetuity period does not extend beyond the perpetuity period applicable to the disposition which created the power.
In the case of a disposition upon existing trusts of further property to be administered as a single fund with property previously disposed of upon such trusts, the perpetuity period does not extend beyond the perpetuity period applicable to the previous disposition.