PROPERTY LAW ACT 1974 - SECT 210
Wait and see rule
PROPERTY LAW ACT 1974 - SECT 210
Wait and see rule
210 Wait and see rule
(1) Where apart from the provisions of this section and of section 213a
disposition would be void on the ground that the interest disposed of might
not become vested until too remote a time the disposition shall be treated
until such time (if any) as it becomes established that the vesting must
occur, if at all, after the end of the perpetuity period as if the disposition
were not subject to the rule against perpetuities, and its becoming so
established shall not affect the validity of anything previously done in
relation to the interest disposed of by way of advancement, application of
intermediate income or otherwise.
(2) Where apart from the provisions of this
section and of section 213a disposition consisting of the conferring of a
general power of appointment would be void on the ground that the power might
not become exercisable until too remote a time the disposition shall be
treated until such time (if any) as it becomes established that the power will
not be exercisable within the perpetuity period as if the disposition were not
subject to the rule against perpetuities.
(3) Where apart from the provisions
of this section and of section 213a disposition consisting of the conferring
of any power, option or other right would be void on the ground that the right
might be exercised at too remote a time the disposition shall be treated as
regards any exercise of the right within the perpetuity period as if it were
not subject to the rule against perpetuities and subject to the provisions
shall be treated as void for remoteness only if and so far as the right is not
fully exercised within that period.
(4) Nothing in this section makes any
person a life in being for the purposes of ascertaining the perpetuity period
unless the life of that person is one expressed or implied as relevant for
this purpose by the terms of the disposition and would have been reckoned a
life in being for such purpose if this section had not been enacted.
(5)
However, in the case of a disposition to a class of persons or to 1 or more
members of a class, any person living at the date of the disposition whose
life is so expressed or implied as relevant for any member of the class may be
reckoned a life in being in ascertaining the perpetuity period.