N.Y. Est. Powers & Trusts Law § 9-1.5

§ 9-1.5 Trust with transferable certificates\n A trust with transferable certificates, heretofore or hereafter\ncreated, is not invalid as violating the rule against perpetuities; but\nsuch trust may continue for such time as may be necessary to accomplish\nthe purposes for which it is created if the instrument creating such\ntrust provides that it may be terminated at any time by action of the\ntrustees or by affirmative vote of the beneficiaries having a specified\npercentage of interest therein. This section applies to an investment\ntrust, which is an unincorporated trust or association managed by\ntrustees not holding any property for sale to customers in the ordinary\ncourse of its trade or business, the beneficial ownership of which is\nevidenced by transferable shares or by transferable certificates of\nbeneficial interest offered for sale to the public.\n