Perpetuities Act 1984 (NSW)

Perpetuities Act 1984 No 43

An Act to effect reforms in the rules of law relating to perpetuities; and to repeal certain provisions of the Conveyancing Act 1919 and the Trustee Act 1925.

1 Name of Act This Act may be cited as the Perpetuities Act 1984.

2 Commencement (1) Sections 1 and 2 shall commence on the date of assent to this Act. (2) Except as provided by subsection (1), this Act shall commence on such day as may be appointed by the Governor in respect thereof and as may be notified by proclamation published in the Gazette.

3 Definitions (1) In this Act, except in so far as the context or subject-matter otherwise indicates or requires: appointed day means the day appointed and notified under section 2 (2). disposition includes: (a) the conferring or exercising of a power of appointment and any other power or authority to dispose of property, and (b) any alienation of property. interest includes any estate and any right. power of appointment includes any discretionary power to make a disposition. property includes any interest in real or personal property and any thing in action. settlement includes: (a) a will, (b) an instrument, testamentary or otherwise, exercising a power of appointment, whether general or special, and (c) any other instrument, transaction or dealing whereby a person makes a disposition, but does not include an Act of Parliament. the rule against perpetual trusts means the common law rule that invalidates a trust (not otherwise invalid) for a purpose which is not charitable where the duration of the trust will or may exceed the perpetuity period. trust and trustee have the meanings respectively ascribed thereto in the Trustee Act 1925. will includes a codicil. (2) For the purposes of this Act, a will shall, in relation to a disposition contained in it, be deemed to take effect on the death of the testator. (3) For the purposes of this Act: (a) a person shall be treated as a member of a class if in that person's case each and every condition identifying a member of the class is satisfied, and (b) a person shall be treated as a potential member of a class if in that person's case only one or some of the conditions identifying a member of the class is or are satisfied but there is a possibility that the remainder of those conditions will in time be satisfied.