New York Laws
Part 1 - Perpetuities
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.

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