§ 30-2-6-1 — Contributions; self-employment retirement fund

Either:
(1) a trust created by an employer as part of a stock bonus,
pension, disability, death benefit, or profit-sharing plan for the
benefit of some or all of his employees, to which contributions are
made by the employer or employees, or both, for the purpose of
distributing to the employees the earnings or principal, or both
earnings and principal, of the fund held in trust; or
(2) a retirement fund or trust which at any time is tax exempt
under the provisions of the Internal Revenue Code and to which
contributions are made by self-employed persons or qualified
individuals for the purpose of providing pension or other benefits
for themselves or their beneficiaries;
may continue in perpetuity or for such time as may be necessary to
accomplish the purpose for which such trust is created and shall not be
invalid as violating any law against perpetuities or suspension of the
power of alienation of the title to property.
Formerly: Acts 1949, c.184, s.1; Acts 1953, c.253, s.1. As
amended by P.L.2-1987, SEC.45.