Section 302A — Bankruptcy Act 1966: 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.