A nongeneral power of appointment or a general testamentary power of appointment is invalid unless one of the following conditions is satisfied:
(a) When the power is created, it is certain to be irrevocably exercised or otherwise to terminate no later than 21 years after the death of an individual then alive.
(b) The power is irrevocably exercised or otherwise terminates within 90 years after its creation.
(Added by Stats. 1991, Ch. 156, Sec. 24.)