§555-2 Trust not in violation of rule against perpetuities. Any employees trust may continue for such time as may be necessary to accomplish the purposes for which it has been created and its income may be accumulated for such time as may be necessary to accomplish such purposes. No employees trust shall be deemed to be subject to or in violation of any principle of law against perpetuities under chapter 525 or at common law, or restraints on alienation or perpetual accumulations or perpetual trusts.
The enactment of this chapter shall not in itself give rise to any implication that trusts of this nature have been subject to or in violation of any principle of law against perpetuities under chapter 525 or at common law, or restraints on alienation or perpetual accumulations or perpetual trusts. [L 1953, c 170, §§2, 3; RL 1955, §341-2; HRS §555-2; am L 1992, c 262, §4]
Section: Previous 555-1 555-2Last modified: October 27, 2016