II Of Transfers of Property by Acts of PartiesVerified
Where, on a transfer of property, an therein is created in favour of a person to take effect only on the happening of a specified uncertain event, or if a specified uncertain event shall not happen, such person thereby acquires a in the property. Such becomes a vested , in the former case, on the happening of the event, in the latter, when the happening of the event becomes impossible.
Exception.-- Where, under a transfer of property, a person becomes entitled to an therein upon attaining a particular age, and the transferor also gives to him absolutely the income to arise from such before he reaches that age, or directs the income or so much thereof as may be necessary to be applied for his benefit, such is not .
