21 Commercial Transactions

• 21 (1) In the case of an option or other contractual right under which an interest in property may be acquired for valuable consideration, the perpetuity period is 80 years from the date of the creation of the option or contractual right, and if under an option or contractual right an interest in property could arise more than 80 years after the creation of the option or contractual right, the option or contractual right is void after the expiration of 80 years from the date of its creation,

• (a) as between the original parties, and
• (b) so far as the benefit or burden is transmissible, as between the original parties and all parties claiming through them.

• (2) No remedy lies for the purpose of giving effect to the option or contractual right or for making restitution because of the option or contractual right being void.
• (3) Without limiting subsections (1) and (2), those subsections apply to all contracts relating to a future sale or lease, to grants of options in gross, rights of pre-emption or first refusal and to future profits à prendre, easements and restrictive covenants.
• (4) This section does not apply to a provision in

• (a) a will, or
• (b) a trust.

1979-321-18.