PERPETUITIES ACT (NORTHERN IRELAND) 1966 - SECT 10 Options relating to land.

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PERPETUITIES ACT (NORTHERN IRELAND) 1966 - SECT 10

Options relating to land.

10.(1) The rule against perpetuities shall not apply to a disposition
consisting of the conferring of an option to acquire for valuable
consideration an interest reversionary (whether directly or indirectly) on any
lease if

(a)the option is exercisable only by the lessee or his successors in title;
and

(b)it ceases to be exercisable at or before the expiration of one year
following the determination of the lease.

(2) Subsection (1) shall apply in relation to an agreement for a lease as it
applies in relation to a lease, and "lessee" shall be construed accordingly.

(3) In the case of a disposition consisting of the conferring of an option to
acquire for valuable consideration any interest in land (other than such a
disposition as is mentioned in subsection (1)), the perpetuity period under
the rule against perpetuities shall be twenty-one years, and section 1 shall
not apply.

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Northern Irish Legislation

PERPETUITIES ACT (NORTHERN IRELAND) 1966 - SECT 10