8Powers of appointment

8 Powers of appointment

(1)  For the purposes of the rule against perpetuities, a power of appointment is to be treated as a special power unless –

(a) in the instrument creating the power it is expressed to be exercisable by one person only; and

(b) the power could, at all times during its currency when that person is of full age and capacity, be exercised by him or her so as immediately to transfer to or otherwise vest in himself or herself the whole of the interest governed by the power without the consent of any other person or compliance with any other condition that is not a formal condition relating only to the mode of exercise of the power.

(2)  For the purpose of determining whether a disposition made under a power of appointment exercisable by will only is void for remoteness, the power is treated as a general power where it would have fallen to be so treated if exercisable by deed.