Document ID: chunk:federal_register_of_legislation:C2004A04637:body:0:p5
Version: federal_register_of_legislation:C2004A04637
Segment Type: other
Provision Reference: 
Character Range: 11557–14416

1993) or an approved deposit fund (within the meaning of that Act);

         as would not have been divisible among the creditors of the deceased person under Part VI if:

           (C) the deceased person had not died; and

              (D) a sequestration order had been made against the deceased person immediately before his or her death; and

              (E) the amount concerned had been paid immediately before his or her death;";

    (c) by omitting subparagraph (8)(a)(ii) and substituting the following subparagraph:

        "(ii) so much of:

              (A) the proceeds of a policy of life assurance or endowment assurance; or

              (B) a payment from a regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act);

         as would not have been divisible among the creditors of the deceased person under Part VI if:

           (C) the deceased person had not died; and

              (D) a sequestration order had been made against the deceased person at that time; and

           (E) the amount concerned had been paid at that time;".

Insertion of new section

10. After section 302 of the Principal Act the following section is inserted:

Certain provisions in governing rules of superannuation funds and approved deposit funds to be void

"302A.(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 deed of assignment or a deed of arrangement under this Act.

  "(2) The provision is void.

"(3) This section applies to governing rules made before the commencement of this section.

  "(4) 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.".

Application of amendments

11.(1) The following amendments made by this Part apply in relation to a bankruptcy, if the date of the bankruptcy is on or after the date of commencement of this section:

     (a) section 6 (to the extent to which the amendment relates to section 116 of the Principal Act);

  (b) sections 7, 8 and 10.

(2) The remaining amendments made by this Part apply in relation to the death of a person, if the death occurs on or after the date of commencement