Effective - 28 Aug 1975
393.105. Rules against restraints on alienation and against perpetuities not to apply, when. — 1. Any two or more electrical corporations or gas corporations which own or intend to own, jointly or as tenants in common, any real or personal property, or any interest therein, that is used or is to be used, in whole or in part, for the generation, transmission or distribution of electricity or for the production, gathering, storage, processing, transmission or distribution of manufactured or natural gas may enter into an agreement waiving their respective rights with respect to the partition of the property or otherwise restricting the alienation thereof for a period of time ending not later than the abandonment of the use.
2. Without limiting the general application of subsection 1 of this section, the rule of law commonly known as the rule against perpetuities and the rule of law commonly known as the rule prohibiting unreasonable restraints on alienation of property shall not be applied to invalidate, render unenforceable or otherwise affect any agreement entered into pursuant to this section.
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(L. 1975 S.B. 117)