https://www.fao.org/faolex/results/details/en/c/LEX-FAOC108481

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LEX-FAOC108481

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This Act modifies the law relating to the avoidance of future interests in property on grounds of remoteness and governing accumulations of income from property. The rule against perpetuities shall not apply to an option to acquire for valuable consideration an interest on the term of a lease if: (a) the option is exercisable only by the lessee or his or her successors in title, and (b) it ceases to be exercisable at or before the expiration of one year following the determination of the lease. In the case of a disposition consisting of the conferring of an option to acquire for valuable consideration any interest in land, the perpetuity period under the rule against perpetuities shall be 21 years.

Amended by: Perpetuities and Accumulations Act 2009. (2009-06-19)

Legislation