BANKRUPTCY ACT 1966

PART XVI - MISCELLANEOUS  

SECTION 302AB   CERTAIN PROVISIONS IN RSA ' S TERMS AND CONDITIONS TO BE VOID  

302AB(1)   [Application]  

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.

302AB(2)   [Effect]  

The provision is void.

302AB(3)   [ 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 .




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