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The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
Finance Commission. A-281. Recommendations of the Finance Commission. A-282. Expenditure defrayable by the Union or a State out of its revenues. A-283. Custody, etc., of Consolidated Funds, Contingency Funds and moneys credited to the public accounts; A-284. Custody of suitors’ deposits and other moneys received by public servants and courts ...
The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (also known as the SARFAESI Act) is an Indian law. It allows banks and other financial institutions to auction residential or commercial properties of defaulters to recover loans . [ 1 ]
Executory interests are subject to the rule against perpetuities, which disqualifies any interest that can vest more than twenty-one years after the death of every party who was living at the time the interest was created. However, if all of the potential vesting beneficiaries are named, the rule will never be violated.
A purpose trust is a type of trust which has no beneficiaries, but instead exists for advancing some non-charitable purpose of some kind. In most jurisdictions, such trusts are not enforceable outside of certain limited and anomalous exceptions, but some countries have enacted legislation specifically to promote the use of non-charitable purpose trusts.
Part XIV is a compilation of laws pertaining to the constitution of India as a country and the union of states that it is made of. This part of the constitution consists of Articles on Services Under the Union and the States. [1]
Trust law in India is mainly codified in the Indian Trusts Act of 1882, which came into force on 1 March 1882. It extends to the whole of India except for the state of Jammu and Kashmir and Andaman and Nicobar Islands. Indian law follows principles of English law in most areas of law, but the law of trusts is a notable exception.
The Indian Trusts Amendment Bill of 2015 amended the Act and removed some restrictions on investment of the monetary assets by the trust in certain investments. But at the same time, it enabled the government to scrutinise the trusts' investments at will [ 1 ] [ 2 ]