132. Effect of excessive accumulation.

132.     Effect of excessive accumulation.

In so far as an accumulation is directed for any period longer than the statutory periods1, the direction is void2. If the period fixed by the instrument may exceed the perpetuity period, the direction is entirely void3; but, if it does not exceed the perpetuity period, or is necessarily determinable by beneficiaries within that period, the direction is not entirely void, but is valid to the extent of such of the statutory periods4 as is appropriate, and is invalid for the excess over that statutory period5