The Act under section 3 establishes that the rules of law against perpetuities are abolished. The Act applies to all interests in property created before, on or after the coming into force of this Act; and all trusts, whether taking effect before, on or after the coming into force of this Act. The rules of law against perpetuities continue to apply to an interest or purported interest in property if, before the coming into force of this Act, (a) the period permitted for the vesting of the interest or purported interest has terminated and any act or step has been taken as a consequence of that termination; or (b) a court has held the interest or purported interest to be void for breach of the rules of law against perpetuities.
Canada · 2013-07-23