Pension, profit sharing, stock bonus and annuity trusts, or combinations thereof, established by employers for the purpose of distributing both the principal and income thereof exclusively to eligible employees, or the beneficiaries of such employees, shall not be invalid as violating any laws or rules against perpetuities or restraints on the power of alienation of title to property; but such trust may continue for such period of time as may be required by the provisions thereof to accomplish the purposes for which they are established.
HISTORY: 1962 Code Section 57-7.1; 1960 (51) 1630.
Structure South Carolina Code of Laws
Title 27 - Property and Conveyances
Chapter 5 - Estates And Construction Of Documents Creating Estates
Section 27-5-10. Tenure of lands in State.
Section 27-5-20. Rule in Shelley's Case.
Section 27-5-30. Construction of terms "failure of issue" and the like.
Section 27-5-40. Feoffment with livery of seizin shall not defeat remainder.
Section 27-5-50. Warranties by life tenants; collateral warranties.
Section 27-5-60. Feoffments made by person wrongfully in possession.
Section 27-5-90. Effect of descent cast.
Section 27-5-100. Right of entry of lawful owner or heirs against heirs of disseizor.
Section 27-5-110. Entry on land.
Section 27-5-120. Posthumous child shall take under will or settlement.