Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.