Section 302AB — Bankruptcy Act 1966: 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.