13Conditions subsequent, possibilities of reverter, etc.
1
Subject to the succeeding provisions of this section, the following rights shall not be exercisable after the end of the perpetuity period:—
a
a right of entry in respect of a fee simple exercisable on condition broken or for any other reason; or
b
in relation to property other than land, any right equivalent to the right mentioned in paragraph ( a).
2
Subsection (1)( a) does not apply to any right conferred by section 52 of the Landlord and Tenant Law Amendment Act, Ireland, 1860 [1860 c.154] .
3
Where a disposition creates—
a
a possibility of reverter on the determination of a determinable fee simple; or
b
a possibility of a resulting trust on the determination of any other determinable interest in property;
the possibility of reverter or of a resulting trust, as the case may be, shall cease to exist at the end of the perpetuity period, and accordingly the fee or interest in question shall cease to be determinable.
4
Where—
a
a disposition is subject to any exception or reservation or to any condition subsequent giving rise, on breach thereof, to any such right as is mentioned in subsection (1); or
b
a disposition creates any such possibility as is mentioned in subsection (3);
the disposition shall be treated for the purposes of this Act as including a separate disposition of any rights arising by virtue of the exception, reservation, condition subsequent or possibility.
5
Subsection (1)( b) shall apply to instruments coming into operation before or after the passing of this Act.