Commonwealth Consolidated Acts

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Certain provisions in RSA's terms and conditions to be void

  (1)   This section applies to a provision in the terms and conditions of an RSA to the extent to which the provision has the effect that:

  (a)   any part of the amount of money a bankrupt holds in an RSA is cancelled, forfeited, reduced or qualified; or

  (b)   the provider of the RSA is empowered to exercise a discretion relating to such an amount to the detriment of an RSA holder;

if the RSA holder:

  (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.

  (3)   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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