BANKRUPTCY ACT 1966 - SECT 302B Certain provisions in trust deeds void

BANKRUPTCY ACT 1966 - SECT 302B

  (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.