Section 302A — Bankruptcy Act 1966 (Cth)

(1) 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.

(2) The provision is void.

(2A) 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.

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

(4) 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.

Related sections

• s 286 — Regulations may deal with other matters
• s 301 — Certain provisions in contracts etc. to be void
• s 302 — Certain provisions in bills of sale etc. to be void
• s 302AB — Certain provisions in RSA’s terms and conditions to be void
• s 302B — Certain provisions in trust deeds void
• s 303 — Applications to Court

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