Section 302AB — Bankruptcy Act 1966 (Cth)

(1) This section applies to a provision in the terms and conditions of an RSA to the extent to which the provision has the effect that:

(a) any part of the amount of money a bankrupt holds in an RSA is cancelled, forfeited, reduced or qualified; or

(b) the provider of the RSA is empowered to exercise a discretion relating to such an amount to the detriment of an RSA holder;

if the RSA holder:

(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.

(3) 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.

Related sections

• s 301 — Certain provisions in contracts etc. to be void
• s 302 — Certain provisions in bills of sale etc. to be void
• s 302A — Certain provisions in governing rules of superannuation funds and approved deposit funds to be void
• s 302B — Certain provisions in trust deeds void
• s 303 — Applications to Court
• s 304 — Parts of dollar to be disregarded in determining majority in value of creditors etc.

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