### Perpetuities and Accumulations Ordinance 《財產恆繼及收益累積條例》

14. Options relating to land
(1) The rule against perpetuities shall not apply to a disposition consisting of the conferring of an option to acquire for valuable consideration an interest reversionary (whether directly or indirectly) on the term of a lease if—
(a) the option is exercisable only by the lessee or his successors in title; and
(b) it ceases to be exercisable at or before the expiration of one year following the determination of the lease.
This subsection shall apply in relation to an agreement for a lease as it applies in relation to a lease, and lessee (承租人) shall be construed accordingly.
(2) In the case of a disposition consisting of the conferring of an option to acquire for valuable consideration any interest in land, the perpetuity period under the rule against perpetuities shall be twenty-one years, and section 6 shall not apply.
[cf. 1964 c. 55 s. 9 U.K.]

15. Avoidance of contractual and other rights in cases of remoteness
Where a disposition inter vivos would fall to be treated as void for remoteness if the rights and duties thereunder were capable of transmission to persons other than the original parties and had been so transmitted, it shall be treated as void as between the person by whom it was made and the person to whom or in whose favour it was made or any successor of his, and no remedy shall lie in contract or otherwise for giving effect to it or making restitution for its lack of effect.
[cf. 1964 c. 55 s. 10 U.K.]

16. Possibilities of resulting trust, conditions subsequent, exceptions and reservations
(1) In the case of a possibility of a resulting trust on the determination of any determinable interest in property, the rule against perpetuities shall apply in relation to the provision causing the interest to be determinable as it would apply if that provision were expressed in the form of a condition subsequent giving rise, on breach thereof, to a right of re-entry or an equivalent right in the case of property other than land, and where the provision falls to be treated as void for remoteness the determinable interest shall become an absolute interest.
(2) Where a disposition is subject to any such provision, or to any such condition subsequent, or to any exception or reservation, the disposition shall be treated for the purposes of this Part as including a separate disposition of any rights arising by virtue of the provision, condition subsequent, exception or reservation. (Amended 13 of 2013 s. 51)
[cf. 1964 c. 55 s. 12 U.K.]

### Perpetuities and Accumulations Ordinance 《財產恆繼及收益累積條例》

17. General restrictions on accumulations of income
(1) No person may by any instrument or otherwise settle or dispose of any property in such manner that the income thereof shall, save as hereinafter mentioned, be wholly or partially accumulated for any longer period than one of the following, namely—
(a) the life of the grantor or settlor; or
(b) a term of twenty-one years from the death of the grantor, settlor or testator; or
(c) the duration of the minority or respective minorities of any person in being at the death of the grantor, settlor or testator; or
(d) the duration of the minority or respective minorities only of any person who under the limitations of the instrument directing the accumulations would, for the time being, if of full age, be entitled to the income directed to be accumulated; or
(e) a term of twenty-one years from the date of the making of the disposition; or
(f) the duration of the minority or respective minorities of any person or persons in being at the date of the making of the disposition.
(2) In every case where any accumulation is directed otherwise than as aforesaid, the direction shall (save as hereinafter mentioned) be void; and the income of the property directed to be accumulated shall, so long as the same is directed to be accumulated contrary to this section, go to and be received by the person who would have been entitled thereto if such accumulation had not been directed.
(3) The restrictions imposed by subsection (1) apply in relation to a power to accumulate income whether or not there is a duty to exercise that power, and they apply whether or not the power to accumulate extends to income produced by the investment of income previously accumulated.
(4) This section does not extend to any provision—
(a) for payment of the debts of any grantor, settlor, testator or other person;
(b) for raising portions for—
(i) any child or remoter issue of any grantor, settlor or testator; or
(ii) any child or remoter issue of a person taking any interest under any settlement or other disposition directing the accumulations or to whom any interest is thereby limited,
and accordingly such provisions may be made as if no statutory restrictions on accumulation of income had been imposed.
[cf. 1925 c. 20 s. 164 U.K.; 1964 c. 55 s. 13 U.K.]

### Perpetuities and Accumulations Ordinance 《財產恆繼及收益累積條例》

18. Qualification of restrictions on accumulation
Where accumulations of surplus income are made during a minority under any Ordinance or under the general law, the period for which such accumulations are made is not (whether the trust was created or the accumulations were made before, on or after 13 March 1970) to be taken into account in determining the periods for which accumulations are permitted to be made by section 17, and accordingly an express trust for accumulation for any other permitted period shall not be deemed to have been invalidated or become invalid, by reason of accumulations also having been made as aforesaid during such minority.
(Amended 13 of 2013 s. 54)[cf. 1925 c. 20 s. 165 U.K.]

19. Restriction on accumulation for the purchase of land
No person may settle or dispose of any property in such manner that the income thereof shall be wholly or partially accumulated for the purchase of land only, for any longer period than the duration of the minority or respective minorities of any person or persons who, under the limitations of the instrument directing the accumulation, would for the time being, if of full age, be entitled to the income so directed to be accumulated.
[cf. 1925 c. 20 s. 166 U.K.]

20. Right to stop accumulations
Section 7 shall apply to any question as to the right of beneficiaries to put an end to accumulations of income under any disposition as it applies to questions arising on the rule against perpetuities.
[cf. 1964 c. 55 s. 14 U.K.]