The exercise of a special power of appointment takes effect as a selection among the objects1, and as a delegated disposition by the creator of the power. Therefore, by exercising the power, the donee may not create estates or interests which the creator of the power could not himself in like circumstances have created by some other disposition, instead of creating the power2. In other words, while the circumstances in which the appointment is made are considered and taken into account, the perpetuity period is reckoned from the time of creation of the
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