Commonwealth Consolidated Acts

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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.

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