THE CORPORATIONS LAW

CHAPTER 9 - MISCELLANEOUS

PART 9.9 - MISCELLANEOUS

SECTION 1346   NON-APPLICATION OF RULE AGAINST PERPETUITIES TO CERTAIN SCHEMES  

1346(1)  (Applicability of rule to trusts of funds or schemes for benefit of employees of a corporation)  

The rules of law relating to perpetuities do not apply, and shall be deemed never to have applied, to the trusts of any fund or scheme for the benefit of any employee of a corporation, whether the fund or scheme was established before, or is established after, the commencement of this section.

1346(2)  [Interpretation]  

In this section:

(a)  a reference to a corporation includes a reference to a body corporate or society incorporated or formed, or otherwise duly constituted, whether before, at or after the commencement of this section, by or under:

(i) a law of the Commonwealth, of a State or Territory, of an excluded Territory or of a country outside Australia and the external Territories; or

(ii) letters patent or a royal charter; and

(b)  a reference to a fund or scheme includes a reference to a provident, superannuation, sick, accident, assurance, unemployment, pension or co-operative benefit fund, scheme, arrangement or provision or other like fund, scheme, arrangement or provision; and

(c)  a reference to an employee of a corporation includes a reference to:

(i) a director of the corporation; and

(ii) a spouse, child, grandchild, parent or any dependant of an employee or of a director of the corporation.