Section 21Part 3 — The disapplication of the rule against perpetuities
Change of governing law of a trust of unlimited duration
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Subject to the terms of a trust, if the governing law of a trust —
that is of unlimited duration; and
to which the rule against perpetuities does not apply under its governing law,
is changed to the law of the Islands in accordance with section 89 of the Trusts Act (2021 Revision), a disposition made in respect of the trust shall not be subject to the rule against perpetuities under the law of the Islands.
Land in the Islands or an interest in land in the Islands shall not be subject, directly or indirectly, to a disposition under subsection (1).
Notwithstanding subsection (2), a disposition under subsection (1) 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
- Section 89 of Trusts Act
Section 89 of the Trusts Act (2021 Revision)