NC S398

Amends Section 34 of Article I of the North Carolina Constitution to clarify that the prohibition against perpetuities does not apply to noncharitable trusts or charitable entities, including charitable trusts.

Submits the constitutional amendment to qualified voters at the general election in November 2012.

Ballot question asks voters whether to approve a constitutional amendment exempting noncharitable trusts and charitable entities from the perpetuities prohibition.

Amendment becomes effective January 1, 2013 if approved by a majority of votes cast.

Effective upon enactment.