103. Remoteness in contingency on which power exercisable.

The contingency on which the power is to become exercisable must be within the perpetuity period1.

A general power of appointment conferred on an unbegotten person who must necessarily be in existence within the proper period, for example the child of a living person, is, when exercisable by deed or will, but not when exercisable by will only, equivalent to absolute ownership2, and is not invalid3 except in cases where other restrictions, such as a necessary consent of trustees, introduce an element of uncertainty which may not necessarily be resolved within the proper period4.

A power exercisable only by the will