(a) If a will devises or bequeaths property to an association which lacks capacity to take the gift because it is unincorporated, and the association is one authorized to become incorporated by the law of the Virgin Islands or by the law of the jurisdiction in which it has its principal office, the devise or bequest shall not lapse or be deemed invalid because of the lack of capacity of the named beneficiary if, within one year after probate of the will or within any period during which the vesting of the devise or bequest is otherwise lawfully postponed by the will, whichever period is greater, such named beneficiary shall become incorporated, under the law of either such jurisdiction, with power to take such devise or bequest.
(b) This section does not limit any power or authority of the court to effectuate the intent of the testator and to preserve legacies and devises for the use and benefit of unincorporated associations.
(c) Whenever any property, real or personal, is devised or bequeathed to an unincorporated association in such manner that the estate or interest devised or bequeathed will lawfully vest in such association, pursuant to the terms of the will or as provided in subsection (a) of this section, at a future time or upon a future event if it be incorporated at such time or upon such event as the case may be, with power to take such devise or bequest, the estate or interest so devised or bequeathed shall be deemed to be vested forthwith, either in the trustees in whom any estate preceding such devise or bequest shall be vested, or if there be no such precedent trust, then in the personal representative or representatives of the decedent as trustees, to be held subject to any intermediate estate or interest created by the will, whether legal or equitable. A trust arising as provided in this subsection shall be deemed to be created by the will, and the trust and trustees shall be subject to the direction and control of the district court to the same extent as if the trust had been created by express provision in the will. The trustees shall hold the estate or interest upon trust to reduce the property to possession at such future time or upon such future event if the association then be incorporated and empowered to receive such devise or bequest, to transfer, pay over and deliver it to the corporation so formed, or if the association be not, at such future time or upon such future event, incorporated and empowered to receive such devise or bequest, then to transfer, pay over and deliver the property to such persons as may be entitled thereto. A trust arising as provided in this subsection shall be deemed executed upon the incorporation of such association with power to receive the devise or bequest even though such incorporation occurs prior to the time or event fixed for vesting thereof.
(d) If a devise or bequest to an association be made in such manner as to take effect upon incorporation of such association, pursuant to the terms of the will or as provided in subsection (a) of this section, and no disposition is made of the rents and profits or income prior to such incorporation, the will shall be deemed to direct the trustees described in subsection (c) of this section to receive the rents and profits, or the income, and hold them for the benefit of the corporation when formed, or if such corporation be not formed within the time fixed for vesting of the estate or interest, then for the benefit of the persons entitled to the property devised or bequeathed upon the failure of such devise or bequest.
(e) Notwithstanding any other statute or rule of law of this territory governing—
(1) the purposes for which trusts may be created; or
(2) the duration of suspension of the power of alienation; or
(3) the remoteness of vesting of estates; or
(4) the accumulation of rents, profits or income—
a trust created as provided in subsection (c) of this section, its continuation during the period provided in subsection (a) of this section, and any suspension of the power of alienation or postponement of vesting provided for in subsection (a) of this section, and any accumulation provided for in subsection (d) of this section, shall be valid.(f) During the continuance of any trust provided for in subsection (c) of this section the right to enforce the performance of such trust shall be held by the unincorporated association to which the devise or bequest is made upon the event of its incorporation, and any such association shall have capacity and power as such, notwithstanding the fact that it is not incorporated, to hold such right and to take such proceedings as may be appropriate for its exercise or waiver, or, in the manner permitted by law for renunciation by a devisee or legatee, to renounce the devise or bequest on behalf of itself and of the corporation contemplated in the devise or bequest. In the event of any such renunciation the trust provided for in subsection (c) of this section shall terminate and the property so devised or bequeathed, with any accumulations, shall vest in the persons otherwise entitled thereto, as if no such devise or bequest had been made.
(g) This section does not limit the operation of any other provisions in the laws of the Virgin Islands authorizing the devise or bequest of real or personal property, even though the devise or bequest has been deemed to have been made to an association as provided in subsection (a) of this section.