Section 301 — Bankruptcy Act 1966: Certain provisions in contracts etc. to be void

(1) A provision in a contract or agreement for the sale of property, in a lease of property, in a hire-purchase agreement, in a licence or in a PPSA security agreement to the effect that: (a) the contract, agreement, lease, hire-purchase agreement, licence or PPSA security agreement is to terminate, or may be terminated by the vendor, lessor, owner, licensor or PPSA secured party; or (b) the operation of the contract, agreement, lease, hire-purchase agreement, licence or PPSA security agreement is to be modified; or (c) property to which the contract, agreement, lease, hire-purchase agreement, licence or PPSA security agreement relates may be repossessed by or on behalf of the vendor, lessor, owner, licensor or PPSA secured party; if the purchaser, lessee, hirer, licensee or PPSA grantor or debtor becomes a bankrupt or commits an act of bankruptcy or executes a personal insolvency agreement under this Act is void. (2) This section extends to contracts, agreements, leases, hire-purchase agreements and licences entered into or granted before the commencement of this Act. (2A) This section extends to a PPSA security agreement entered into at or after the time this subsection commences. Note: This subsection commenced at the registration commencement time within the meaning of section 306 of the Personal Property Securities Act 2009. (3) In this section: lease includes an agreement for a lease. lessee includes a person who has agreed to take a lease. lessor includes a person who has agreed to grant a lease.