s 302AB

Certain provisions in RSA’s terms and conditions to be void

In force

(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.

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