Victorian Numbered Acts Victorian Numbered ActsAfter section 466 of the Co-operatives Act 1996 insert —
In this Division—
2010 Act means the Personal Property Securities (Statute Law Revision and Implementation) Act 2010 ;
"current registrable charge" means a charge that was created before the commencement time that was a registrable charge within the meaning of clause 1 of Schedule 3, as in force before that commencement, when it was created;
"commencement time" means the commencement of section 7 of the 2010 Act.
(1) Despite the commencement of section 7 of the 2010 Act—
(a) the Registrar must continue to keep in the form of the Register, the information contained in the Register immediately before that commencement for a period of 7 years after that commencement; and
(b) a person's right (under section 435) to search the Register is taken to continue to apply to the information kept under paragraph (a) for a period of 7 years after that commencement; and
(c) clause 42 of Schedule 3, as in force immediately before that commencement, is taken to continue to apply in relation to information kept under paragraph (a), for a period of 7 years after that commencement.
(2) In this section, "Register" means the Register of Co-operative Charges referred to in clause 18 of Schedule 3 as in force immediately before the commencement of section 7 of the 2010 Act.
(1) Subject to this section, if a current registrable charge is void under clause 27 or 28 of Schedule 3 immediately before the commencement time, that Division (other than clause 29) is taken to continue to apply in relation to the charge.
(2) The Supreme Court may, on such terms and conditions as seem to the Court just and expedient, by order, declare a current registrable charge not to be, and never to have been, void under clause 27 or 28 of that Schedule, if—
(a) before the commencement time, the charge is void under clause 27 or 28; and
(b) either—
(i) an application is, immediately before the commencement time, in force under clause 29 of Schedule 3 for an extension of the required period, and as at the commencement time, the Court had not made a decision in relation to the application; or
(ii) an application is made to the Court on or after the commencement time for an order under this section; and
(c) the Court is satisfied of the matters set out in clause 29 of Schedule 3 as in force immediately before the commencement time.
Subject to Chapter 9 of the Personal Property Securities Act 2009 of the Commonwealth, on and after the commencement time, current registrable charges have the priority between themselves that they would have had under this Act as in force immediately before the commencement time.
Despite the commencement of section 7 of the 2010 Act, clause 43 of Schedule 3, as in force immediately before that commencement continues to apply to current registrable charges as if a reference in that clause to registrable charge were a reference to "current registrable charge", and a reference to Register were a reference to the information to be kept under section 468.".