CHAPTER 407

AN ACT to provide that certain employee trusts shall not be
considered invalid as violating the rule against perpetuities,
or restraints on powers of alienation of title to property.

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Approved April 5, 1950

Be it enacted by the General Assembly of Virginia:

1. That pension, profit sharing, stock bonus, annuity or other
employee trusts heretofore or hereafter established by employ-
ers for the purpose of distributing the income and principal
thereof to some or all of their employees, or the beneficiaries of
such employees, shall not be invalid as violating any laws or
rules against perpetuities or restraints on the power of aliena-
tion of title to property; but such trusts may continue for such
period of time as may be required by the provisions thereof to
accomplish the purposes for which they are established.