7The change, by virtue of the principal section, in the construction of—
(a)sections 164 to 166 of the [1925 c. 20.] Law of Property Act 1925 ;
(b)section 13(1) of the [1964 c. 55.] Perpetuities and Accumulations Act 1964,
(which lay down permissible periods for the accumulation of income under settlements and other dispositions) shall not invalidate any direction for accumulation in a settlement or other disposition made by a deed, will or other instrument which was made before the commencement date.