Document ID: chunk:federal_register_of_legislation:C2025C00167:section:302a
Version: federal_register_of_legislation:C2025C00167
Segment Type: section
Provision Reference: s 302A
Character Range: 844094–845471

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:
 (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.
 (3) This section extends 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.