12. Period under the 'wait and see' rule.

Where the 'wait and see' rule applies and the period is not determined by reference to a period of years1, it must be determined by reference to the lives of certain specified individuals2 in being3 and ascertainable at the commencement of the perpetuity period and is determined by reference to their lives and no others4. These persons are as follows:

  1.  

    (1)     the person or persons5 by whom the disposition6 was made7;

  2.  

    (2)     a person to whom or in whose favour the disposition was made, that is to say:

    1.  

      (a)     in the case of a disposition to a class of