Sec. 45a-508. (Formerly Sec. 45-100). Exemption of certain employees' trust funds from the rule against perpetuities. - Connecticut Statutes

      Sec. 45a-508. (Formerly Sec. 45-100). Exemption of certain employees' trust funds from the rule against perpetuities. A trust created by an employer as part of a stock bonus, pension, disability, death benefit or profit-sharing plan for the benefit of some or all employees, to which contributions are made by the employer or employees or both, for the purpose of distributing to the employees the earnings or the principal, or both earnings and principal, of the fund held in trust, shall not be deemed to be invalid as violating any existing law or rule of law against perpetuities or suspension of the power of alienation of the title to property. A trust created for such purpose may continue for such time as may be necessary to accomplish the purposes for which it has been created. The income arising from any property held in any such trust may be permitted to accumulate in accordance with the terms of such trust and the plan of which such trust forms a part for such time as may be necessary to accomplish the purposes for which such trust has been created. Any rule of law against perpetuities or suspension of the power of alienation of the title to property shall not invalidate any such trust.

      (1949 Rev., S. 6898; P.A. 80-476, S. 223.)

      History: P.A. 80-476 made minor changes in wording and deleted obsolete provision re invalidation of trusts "terminated by a court of competent jurisdiction in a suit instituted within three years after May 21, 1947"; Sec. 45-100 transferred to Sec. 45a-508 in 1991.