I came across this defination while reading a Trust Deed this morning and can't help but to shout it out here.
What the hell is this?
"Perpetuity Period" means the period ending the earlier of -
a) the day which is 79 years after the Date of Execution; and
b) the day which is 20 years after the death of the last survivor of the lineal descendants of his late Majesty King George VI living at the date of execution.
or such longer period (if any) as may be allowed under the law applicable to the Deed.
What happens if the Royal Family changes or in the event Australia turns Republican? Will the Trust Deed be deemed invalid?
My answer would be that this particular Deed will need an amendment (and possibly override the original governing rules) if the above happens. Lawyers...you gotta beware of what they write at times....
What the hell is this?
"Perpetuity Period" means the period ending the earlier of -
a) the day which is 79 years after the Date of Execution; and
b) the day which is 20 years after the death of the last survivor of the lineal descendants of his late Majesty King George VI living at the date of execution.
or such longer period (if any) as may be allowed under the law applicable to the Deed.
What happens if the Royal Family changes or in the event Australia turns Republican? Will the Trust Deed be deemed invalid?
My answer would be that this particular Deed will need an amendment (and possibly override the original governing rules) if the above happens. Lawyers...you gotta beware of what they write at times....
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