Legal term to take effect after 21 years void

(1) A term at a rent or granted in consideration of a fine, limited after the commencement of this Act to take effect more than twenty-one years from the date of the instrument purporting to create it, shall be void, and any contract made after such commencement to create such a term shall likewise be void, but this subsection does not apply to any term taking effect in equity under a settlement, or created out of an equitable interest under a settlement. (2) Nothing in this Act shall affect the rule of law that a legal term may be created to take effect in reversion expectant on a longer term, which rule is hereby confirmed.