Contributions; self-employment retirement fund
Sec. 1. Either:
(1) a trust created by an employer as part of a stock bonus,
pension, disability, death benefit, or profit-sharing plan for the
benefit of some or all of his employees, to which contributions
are made by the employer or employees, or both, for the
purpose of distributing to the employees the earnings or
principal, or both earnings and principal, of the fund held in
trust; or
(2) a retirement fund or trust which at any time is tax exempt
under the provisions of the Internal Revenue Code and to which
contributions are made by self-employed persons or qualified
individuals for the purpose of providing pension or other
benefits for themselves or their beneficiaries;
may continue in perpetuity or for such time as may be necessary to
accomplish the purpose for which such trust is created and shall not
be invalid as violating any law against perpetuities or suspension of
the power of alienation of the title to property.
(Formerly: Acts 1949, c.184, s.1; Acts 1953, c.253, s.1.) As amended
by P.L.2-1987, SEC.45.
Last modified: May 27, 2006