(a) Except as otherwise provided in this section:
(1) A possibility of reverter preceded by a fee simple determinable;
(2) A right of entry preceded by a fee simple subject to a condition subsequent; or
(3) An executory interest preceded by either a fee simple determinable or a fee simple subject to an executory limitation;
becomes invalid, and the preceding fee simple becomes a fee simple absolute, if the right to vest in possession of the possibility of reverter, right of entry, or executory interest depends on an event or events affecting the use of land and if the possibility of reverter, right of entry, or executory interest does not actually vest in possession within 60 years after its creation.
(b) This section does not apply to a possibility of reverter, right of entry, or executory interest held by a charity, a government or governmental agency or subdivision excluded from the Uniform Statutory Rule Against Perpetuities by G.S. 41-18(5) or to an arrangement relating solely to an interest in oil, gas, or minerals. (1995, c. 525, s. 1.)