Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) CONSEQUENTIAL AMENDMENTS ACT 1993 No. 82, 1993 - SECT 10

10. After section 302 of the Principal Act the following section is inserted:
Certain provisions in governing rules of superannuation funds and approved
deposit funds to be void

"302A.(1) This section applies to a provision in the governing rules of a
provident, benefit, superannuation, retirement or approved deposit fund to the
extent to which the provision has the effect that:

   (a)  any part of the beneficial interest of a member or depositor is
        cancelled, forfeited, reduced or qualified; or

   (b)  the trustee or another person is empowered to exercise a discretion
        relating to such a beneficial interest to the detriment of a member or
        depositor; if the member or depositor:

   (c)  becomes a bankrupt; or

   (d)  commits an act of bankruptcy; or

   (e)  executes a deed of assignment or a deed of arrangement under this Act.

"(2) The provision is void.

"(3) This section applies to governing rules made before the commencement of
this section.

"(4) In this section:
'governing rules', in relation to a fund, means any trust instrument, other
document or legislation, or combination of them, governing the establishment
or operation of the fund.".