51ARate of return instrument construed not to exceed the legislative power of the Legislature of this jurisdiction or the powers conferred by this Law

51A Rate of return instrument construed not to exceed the legislative power of the Legislature of this jurisdiction or the powers conferred by this Law

51A Rate of return instrument construed not to exceed the legislative power of the Legislature of this jurisdiction or the powers conferred by this Law

(1) A rate of return instrument is to be construed as operating to the full extent of, but so as not to exceed, the legislative power of the Legislature of this jurisdiction or the power conferred by this Law under which it is made.

(2) If a provision of the rate of return instrument, or the application of a provision of the instrument to a person, subject matter or circumstance, would, but for this clause, be construed as being in excess of the legislative power of the Legislature of this jurisdiction or the power conferred by this Law under which it is made—

(a) it is a valid provision to the extent to which it is not in excess of the power; and

(b) the remainder of the instrument, and the application of the provision to other persons, subject matters or circumstances, is not affected.