New York Consolidated Laws, Estates, Powers and Trusts Law - EPT § 9-1.5 Trust with transferable certificates

A trust with transferable certificates, heretofore or hereafter created, is not invalid as violating the rule against perpetuities;  but such trust may continue for such time as may be necessary to accomplish the purposes for which it is created if the instrument creating such trust provides that it may be terminated at any time by action of the trustees or by affirmative vote of the beneficiaries having a specified percentage of interest therein.  This section applies to an investment trust, which is an unincorporated trust or association managed by trustees not holding any property for sale to customers in the ordinary course of its trade or business, the beneficial ownership of which is evidence by transferable shares or by transferable certificates of beneficial interest offered for sale to the public.