302ACertain 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

 (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:

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

302AB  Certain provisions in RSA’s terms and conditions to be void

 (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: