(a) Traditional rule.--Sections 6104 (relating to rule against perpetuities), 6105 (relating to rule against perpetuities; disposition when invalidity occurs), 6106 (relating to income accumulations; when valid) and 6107 (relating to income accumulations; disposition when invalidity occurs):
(1) shall apply to every interest created before January 1, 2007; but
(2) shall not apply to any interest created after December 31, 2006.
(b) Modern rule.--All of the following apply to every interest created after December 31, 2006:
(1) Except as provided in paragraph (3), no interest shall be void as a perpetuity.
(2) No direction or authorization to accumulate income shall be void as a perpetuity.
(3) If a power of appointment is exercised to create a new power of appointment, any interest created by the exercise of the new power of appointment is invalid if it does not vest within 360 years of the creation of the original power of appointment, unless the exercise of the new power of appointment expressly states that this provision shall not apply to the interests created by the exercise.
(4) Void interests shall be disposed of in the manner provided in section 6105.