s.20Application to the Grand Court to disapply the rule against perpetuities
20
Section 20Part 3 — The disapplication of the rule against perpetuities

Application to the Grand Court to disapply the rule against perpetuities

←→ Navigate  ·  Click subsection badges to collapse  ·  Press ? for help

This section applies to any trust to which the rule against perpetuities applies —
other than a trust which relates to land in the Islands or an interest in land in the Islands; and
in respect of which a disposition may be made by an instrument, whether the instrument was created prior to, or on or after the 22nd August, 2024, the commencement date of the Perpetuities (Amendment) Act, 2024 [Act 7 of 2024].
Without prejudice to a power of the Grand Court to vary the terms of a trust —
a trustee, settlor or enforcer of a trust referred to in subsection (1);
a person on whom powers in relation to a trust referred to in subsection (1) are conferred by an instrument; or
a person with a beneficial interest in a trust referred to in subsection (1),
may apply to the Grand Court for an order declaring that the rule against perpetuities does not apply to a disposition in respect of the trust and the property which is the subject of the disposition in respect of the trust.
An application under subsection (2) shall be served on —
all persons interested in the application; and
any other person the Grand Court considers relevant or expedient to the determination of the application.
The Grand Court may grant the order which is the subject of the application under subsection (2) where the Grand Court is satisfied that granting the order would not be to the detriment of the beneficiaries.
Land in the Islands or an interest in land in the Islands shall not be subject, directly or indirectly, to a disposition in respect of which the Grand Court grants an order under subsection (4).
Notwithstanding subsection (5), a disposition in respect of which the Grand Court grants an order under subsection (4) may relate to a trust that holds an interest in a company, partnership or other entity which holds land in the Islands, or an interest in that land, for the purposes of its business.

Cross References