Bankruptcy Act 1966

PART XVI - MISCELLANEOUS  

SECTION 302B   CERTAIN PROVISIONS IN TRUST DEEDS VOID  

302B(1)   [ Void provision of trust deed]  

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.

302B(2)   [ Exception]  

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 .