Maximum duration of a Trust and of Accumulation of Income

(1) Subject to sub-section (2), the maximum duration of a trust shall be one hundred and twenty years from the date of its creation and a trust shall terminate on the one hundred and twentieth anniversary of the date of its creation unless it is terminated sooner. 11 (2) Sub-section (1)(f) shall not apply to a trust established exclusively for a charitable purpose or purposes. (3) The rule of law known as the rule against perpetuities shall not apply to any trust to which this section applies. (4) The terms of a trust may direct or authorise the accumulation of all or part of the income of the trust for a period not exceeding the maximum duration of the trust.