Section 363: Validity period of the provision of usufruct

1) The provision of usufruct shall remain validity period set forth in the contract.

2) Notwithstanding anything contained in sub-section (1), the provision of usufruct shall not remain valid beyond the following period, except as otherwise provided for in the contract:

(a) If the usufructuary is a natural person, the death of the usufructuary or the expiration of a period of forty-nine years since the execution of the provision of usufruct, whichever occurs earlier,

(b) If the usufructuary is a legal person, the dissolution of the usufructuary or the expiration of a period of twenty-nine years since the execution of the provision of usufruct, whichever occurs earlier.

Explanation: For the purposes of this Section, the term “dissolution” includes the termination, liquidation, revocation of registration or insolvency of a legal person.

3) If there is more than one usufructuary, the property in usufruct shall devolve on the owner in proportion to the death or dissolution of any usufructuary, except as otherwise provided in the contract.