Bill Summary for S 398 (2011-2012)

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Bill: PERPETUITIES & TRUSTS/AMEND CONSTITUTION.

Summary date: 

Mar 22 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 398 (Public) Filed Tuesday, March 22, 2011
TO AMEND THE NORTH CAROLINA CONSTITUTION TO CLARIFY THAT THE PROHIBITION AGAINST PERPETUITIES DOES NOT APPLY TO CHARITIES AND TRUSTS.
Intro. by Goolsby, Clodfelter, Brunstetter.

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Bill summary

Subject to the approval of a majority of qualified voters at the general election in November 2012, amends Section 34 of Article I of the NC Constitution to provide that the prohibition against perpetuities does not apply to noncharitable trusts or charitable entities. If approved, effective January 1, 2013.