6Power to specify perpetuity period

6 Power to specify perpetuity period

(1)  Except as provided in this Act, where the instrument by which any disposition is made expressly provides that the perpetuity period applicable to the disposition under the rule against perpetuities is to be such number of years as is specified in the instrument, the perpetuity period, instead of being of any other duration, is the period so specified or a period of 80 years, whichever is the lesser period, from the date on which the disposition takes effect.

(2)  Subsection (1) does not apply in relation to a disposition made in the exercise of a special power of appointment but, if a period is specified under subsection (1) in the instrument creating the power, that period applies in relation to any disposition under that power as it applies in relation to the power itself.

(3)  If no period of years is specified in an instrument by which a disposition is made as the perpetuity period applicable to the disposition but a date certain is specified in the instrument as the date on which the disposition is to vest, the instrument is taken, for the purposes of this section, to specify as the perpetuity period applicable to the disposition a number of years equal to the number of years from the date of the taking effect of the instrument to the specified vesting date.

(4)  If no perpetuity period is applicable to a disposition by virtue of this section, the perpetuity period is to be determined by the rule against perpetuities as affected by this Act.