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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