The RULE AGAINST PERPETUITY - that no transfer can operate so as to create an interest in favour of a person not in existence at the date of transfer, beyond the lifetime of a living person plus the minority of the unborn - is contained in which section of the Transfer of Property Act, 1882?

Explanation: Section 14 of the Transfer of Property Act embodies the rule against perpetuity: no transfer of property can operate so as to create an interest which is to take effect after the lifetime of one or more persons living at the date of the transfer, and the minority of some person who shall be in existence at the expiration of that period, beyond which the interest is void. Section 13 regulates transfers to unborn persons. The rule prevents the tying-up of property for an indefinitely remote period. It does not apply to certain non-transferable and charitable trusts.