47. Possibilities of reverter, conditions subsequent, exceptions and reservations.

Where the Perpetuities and Accumulations Act 1964 applies1, in the case of:

  1.  

    (1)     a possibility of reverter on the determination of a determinable fee simple2; or

  2.  

    (2)     a possibility of a resulting trust3 on the determination of any other determinable interest in property4,

the rule against perpetuities applies 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 subsequent5 giving rise, on its breach, to a right of re-entry or an equivalent right in the case of property other than land, and, where the

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