N.Y. Estates, Powers & Trusts Law § 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.