Termination of trust; limitation of actions
Sec. 3. No rule of law against perpetuities or suspension of the
power of alienation of the title to property, or the accumulation of
income, shall operate to invalidate any trust created or attempted to
be created before September 10, 1949, 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
earnings and principal of the fund held in trust, unless the trust is
terminated by a court of competent jurisdiction in a suit instituted
before September 11, 1950.
(Formerly: Acts 1949, c.184, s.3.) As amended by Acts 1982,
P.L.171, SEC.105.
Last modified: May 27, 2006