Commonwealth Consolidated Acts

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Certain provisions in trust deeds void

             (1)  A provision of a trust deed is void to the extent that it has the effect of:

                     (a)  cancelling, reducing or qualifying a beneficiary's interest under the trust; or

                     (b)  allowing the trustee to exercise a discretion to the detriment of a beneficiary's interest;

if the beneficiary becomes a bankrupt, commits an act of bankruptcy or executes a personal insolvency agreement under this Act.

             (2)  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.

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