9"Wait and see" rule

9 "Wait and see" rule

(1)  Where, but for this section and section 11 , a disposition would be void on the ground that the interest disposed of might not become vested until too remote a time, the disposition is treated until such time, if any, as it is established that the vesting must occur, if at all, after the perpetuity period as if the disposition were not subject to the rule against perpetuities.

(2)  Where it is established that a vesting must occur after the perpetuity period as mentioned in subsection (1) , nothing in that subsection affects the validity of anything previously done in relation to the interest disposed of by way of advancement, application of intermediate income or otherwise.

(3)  Where, but for this section and section 11 , a disposition consisting of the conferring of a general power of appointment would be void on the ground that the power might not become exercisable until too remote a time, the disposition is treated as if it were not subject to the rule against perpetuities until such time, if any, as it is established that the power will not be exercisable within the perpetuity period.

(4)  Where, but for this section and section 11 , a disposition consisting of the conferring of a power or right that is not an option to which section 15 (2) or (4) refers would be void on the ground that the power or right might be exercised at too remote a time, the disposition is to be treated –

(a) with regard to any exercise of the power or right within the perpetuity period, as if it were not subject to the rule against perpetuities; and

(b) subject to this section and section 11 , as void for remoteness only if and so far as the power or right is not fully exercised within that period.

(5)  In the application of this section to a disposition where the duration of the perpetuity period is not determined by virtue of section 6 or 15 , that period is to be determined as follows:

(a) where it is provided in the instrument making the disposition that only a particular person is, or only particular persons are, to be treated as the measuring life or lives, the duration of the perpetuity period is to be determined by reference to his or her life or their lives and no other lives;