(1) The provision of
usufruct shall remain valid for the 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:
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(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 are 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.