Section 302B — Bankruptcy Act 1966: Certain provisions in trust deeds void

(1) A provision of a trust deed is void to the extent that it has the effect of: (a) cancelling, reducing or qualifying a beneficiary’s interest under the trust; or (b) allowing the trustee to exercise a discretion to the detriment of a beneficiary’s interest; if the beneficiary becomes a bankrupt, commits an act of bankruptcy or executes a personal insolvency agreement under this Act. (2) 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.