58-1101. Certain trusts exempt from certain rules of law; continuance.
58-1101
58-1101. Certain trusts exempt from certain rules of law; continuance. A trust of personal property, created as part of a stock bonus plan,pension plan, disability or death benefit plan, profit-sharing plan orretirement plan, for the exclusive benefit of employees or self-employedpersons, to which contributions are made by employer or employees, or both,or by such self-employed persons, for the purpose of distributing to suchemployees or self-employed persons, the earnings or the principal, or bothearnings and principal of the stock so held in trust, shall not be deemedto be invalid as violating any existing laws or rules of law againstperpetuities or suspension of the power of alienation of title to property;but such a trust may continue for such time as may be necessary toaccomplish the purpose for which it may be created.
History: L. 1959, ch. 240, § 1; June 30.