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2020 Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 16 - Business Trusts.
Section 10A-16-1.06 - Duration of Business Trust; Rules Against Perpetuities and Restraint of Alienation Not Violated.
Universal Citation: AL Code § 10A-16-1.06 (2020)
Section 10A-16-1.06
Duration of business trust; rules against perpetuities and restraint of alienation not violated.
A business trust shall not be deemed invalid as violating the rule against perpetuities or the law against suspension of the powers of alienation. Such trust may continue for the time as may be necessary to accomplish the purposes for which it may be created, provided the declaration of trust contains a provision that the trust may be terminated at any time by action of the trustees or by the vote of a specified percentage in interest of the beneficial owners thereof as set forth in the declaration of trust.
(Acts 1961, Ex. Sess., No. 251, p. 2263, §6; §19-3-65; amended and renumbered by Act 2009-513, p. 967, §318.)
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