119. Powers arising on contingency.

If a power of sale or other collateral power is created to arise on a future event, that event must be such as must necessarily happen within the perpetuity period1.

In relation to instruments to which the Perpetuities and Accumulations Act 1964 applies2, the 'wait and see' provisions3 will, however, be available, and the mere possibility that the event may occur outside the perpetuity period will not invalidate the power. Until it is established that it must happen, if at all, outside the perpetuity period, it must be treated as valid for the purposes of the rule against perpetuities