Certain provisions in governing rules of superannuation funds and approved deposit funds to be void
302A Certain provisions in governing rules of superannuation funds and approved deposit funds to be void
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:
any part of the beneficial interest of a member or depositor is cancelled, forfeited, reduced or qualified; or
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:
becomes a bankrupt; or
commits an act of bankruptcy; or
executes a personal insolvency agreement under this Act.
The provision is void.
This section does not apply to a provision that facilitates compliance with:
section 128B; or
section 128C; or
a notice under section 128E; or
an order under paragraph 128K(1)(b); or
a notice under section 139ZQ; or
an order under subsection 139ZT(2); or
an order under section 139ZU.
This section extends to governing rules made before the commencement of this section.
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.
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