16-116.   Agreements by electric or gas public utilities waivingpartition rights or restricting alienation of certain propertiesauthorized; application of act.(a) Any two (2) or more persons who own or intend to own, jointly or astenants in common, any property that is used or is to be used, in wholeor in part, for the generation, transmission or distribution ofelectricity, or for the production, gathering, storage, processing,transmission or distribution of manufactured or natural gas, may enterinto an agreement waiving their respective rights with respect to thepartition of such property, or otherwise restricting the alienationthereof, for a period of time ending not later than the abandonment ofsuch use. Without limiting the general application of the foregoing, therule of law commonly known as the rule against perpetuities and the ruleof law commonly known as the rule prohibiting unreasonable restraints onalienation of property shall not be applied to invalidate, renderunenforceable or otherwise affect any such agreement.

      (b)   The provisions of this act shall apply to any such agreemententered into either prior or subsequent to the effective date of thisact.

      History:   L. 1969, ch. 304, § 2; July 1.