(1) The terms of an international trust may provide for a duration or date of termination of the international trust but, subject to subsection (2), the maximum duration of an international trust is 120 years.
(2) Subsection (1) does not apply to a purpose international trust or a charitable international trust which may continue without any limit as to time.
(3) The rules of law and equity known as the “rule against perpetuities” and the “rules against accumulations” shall not apply to an international trust.