Bankruptcy Act 1966

PART XVI - MISCELLANEOUS  

SECTION 302A   CERTAIN PROVISIONS IN GOVERNING RULES OF SUPERANNUATION FUNDS AND APPROVED DEPOSIT FUNDS TO BE VOID  

302A(1)   [Application]  

This section applies to a provision in the governing rules of a provident, benefit, superannuation, retirement or approved deposit fund to the extent to which the provision has the effect that:

(a) any part of the beneficial interest of a member or depositor is cancelled, forfeited, reduced or qualified; or

(b) the trustee or another person is empowered to exercise a discretion relating to such a beneficial interest to the detriment of a member or depositor;

if the member or depositor:

(c) becomes a bankrupt; or

(d) commits an act of bankruptcy; or

(e) executes a personal insolvency agreement under this Act.

302A(2)   [Provision void]  

The provision is void.

302A(2A)   [ Exception]  

This section does not apply to a provision that facilitates compliance with:

(a) section 128B ; or

(b) section 128C ; or

(c) a notice under section 128E ; or

(d) an order under paragraph 128K(1)(b) ; or

(e) a notice under section 139ZQ ; or

(f) an order under subsection 139ZT(2) ; or

(g) an order under section 139ZU .

302A(3)   [Time period applicable]  

This section extends to governing rules made before the commencement of this section.

302A(4)   [ " governing rules " ]  

In this section:

governing rules
, in relation to a fund, means any trust instrument, other document or legislation, or combination of them, governing the establishment or operation of the fund.