[§525-4]  Exclusions from statutory rule
against perpetuities.  Section 525-1 shall not apply to:



(1)  A fiduciary's power to sell, lease, or mortgage
property, and the power of a fiduciary to determine principal and income;



(2)  A discretionary power of a trustee to distribute
principal before termination of a trust;



(3)  A nonvested property interest held by a charity,
government, or governmental agency or subdivision, if the nonvested property
interest is preceded by an interest held by another charity, government, or
governmental agency or subdivision;



(4)  A property interest in or a power of appointment
with respect to a pension, profit-sharing, stock bonus, health, disability,
death benefit, income deferral, or other current or deferred benefit plan for
one or more employees, independent contractors, or their beneficiaries or
spouses; or



(5)  A property interest, power of appointment, or
arrangement that was not subject to the common-law rule against perpetuities or
is excluded by any other applicable law. [L 1992, c 262, pt of §2]