Certain provisions in RSA’s terms and conditions to be void
302AB Certain provisions in RSA’s terms and conditions to be void
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:
any part of the amount of money a bankrupt holds in an RSA is cancelled, forfeited, reduced or qualified; or
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:
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.
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