129. General statutory restrictions on accumulation of income.

Subject to certain exceptions1, property2 may not be settled or disposed of3 by any person by an instrument made on or after 28 July 18004, or otherwise than by instrument, in such a manner that the income5 is to be wholly or partially6 accumulated7 for any period longer than one or other of certain periods laid down by statute8. These periods are:

  1.  

    (1)     the life of the grantor or settlor9;

  2.  

    (2)     a term of 21 years from the death of the grantor, settlor or testator10;

  3.  

    (3)     the duration of the minority11 or respective minorities of any person or persons