New Zealand Legislation: Bills

14 Rule against perpetuities does not apply

• (1) Neither the rule against perpetuities nor any provisions of the Perpetuities Act 1964—

  • (a) prescribe or restrict the period during which—

    • (i) the Port Nicholson Block Settlement Trust may exist in law; or

    • (ii) the trustees, in their capacity as trustees, may hold or deal with property (including income derived from property); or

  • (b) apply to a settlement document if the application of that rule or the provisions of that Act would otherwise make the document, or a right conferred by the document, invalid or ineffective.

  (2) However, if the Port Nicholson Block Settlement Trust is, or becomes, a charitable trust, the application (if any) of the rule against perpetuities or any provision of the Perpetuities Act 1964 to that trust must be determined under the general law.