2010 New York Code
EPT - Estates, Powers & Trusts
Article 9 - PERPETUITIES AND ACCUMULATIONS
Part 1 - (9-1.1 - 9-1.8) PERPETUITIES
9-1.5 - Trust with transferable certificates

§ 9-1.5 Trust with transferable certificates
    A  trust  with  transferable  certificates,  heretofore  or  hereafter
  created, is not invalid as violating the rule against perpetuities;  but
  such  trust may continue for such time as may be necessary to accomplish
  the purposes for which it is created if  the  instrument  creating  such
  trust  provides  that  it may be terminated at any time by action of the
  trustees or by affirmative vote of the beneficiaries having a  specified
  percentage  of  interest therein.  This section applies to an investment
  trust, which is  an  unincorporated  trust  or  association  managed  by
  trustees  not holding any property for sale to customers in the ordinary
  course of its trade or business, the beneficial ownership  of  which  is
  evidenced  by  transferable  shares  or  by transferable certificates of
  beneficial interest offered for sale to the public.