Western Australian Numbered Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

PERSONAL PROPERTY SECURITIES (CONSEQUENTIAL REPEALS AND AMENDMENTS) ACT 2011 (NO. 42 OF 2011) - SECT 44

44 .         Schedule 3 Division 2A inserted

                After Schedule 3 clause 3 insert:


Division 2A  —  Schedule ceases to have effect except as otherwise provided

4A.         Terms used

                In this Division —

        migration time has the meaning given in the Personal Property Securities Act 2009 (Commonwealth) section 306(1);

        pre-PPS transition period means the period —

            (a)         commencing at the migration time or such earlier time as may be prescribed by the regulations; and

            (b)         ending at the registration commencement time;

        registrable charge means a charge created before the registration commencement time that was a registrable charge as defined in clause 1 when it was created;

        registration commencement time has the meaning given in the Personal Property Securities Act 2009 (Commonwealth) section 306(2);

        registration function means any function conferred or imposed on the Registrar under this Schedule.

4B.         Effect of Schedule at and after registration commencement time

        (1)         Subject to subclause (2) and clause 4D, this Schedule has no effect at and after the registration commencement time.

        (2)         If a registrable charge is void immediately before the registration commencement time or becomes void at or after that time, the Supreme Court may declare the charge not to be, and never to have been void if —

            (a)         an application has been made to the Supreme Court under clause 29 before the registration commencement time or is made at or after that time in accordance with clause 29; and

            (b)         the Supreme Court is satisfied as to the matters referred to in clause 29(a) or (b).

4C.         Refusal to exercise registration functions

        (1)         The Registrar may refuse to exercise a registration function during the pre-PPS transitional period.

        (2)         Without limiting subclause (1), the Registrar may refuse to exercise a registration function during the pre-PPS transitional period in relation to a matter that was not finally determined or concluded immediately before the commencement of that period.

        (3)         After the end of the pre-PPS transitional period the Commissioner is not to exercise a registration function.

4D.         Priority between registrable charges

                Subject to the Personal Property Securities Act 2009 (Commonwealth) Chapter 9, at and after the registration commencement time, registrable charges have the priority between themselves that they would have had under this Act as in effect immediately before the registration commencement time.




AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback