Personal Property Securities (Statute Law Revision and Implementation) Act 2010

Personal Property Securities (Statute Law Revision and Implementation) Act 2010

No. 74 of 2010

table of provisions

Section Page

Part 1—Preliminary 1

1 Purposes 1

2 Commencement 2

Part 2—Chattel Securities Act 1987 3

3 Repeal of Part 1 of the Chattel Securities Act 1987 3

4 Repeal of certain sections of Part2 of the Chattel Securities Act1987 3

5 Repeal of Part 3 of the Chattel Securities Act 1987 3

6 Part 4 of the Chattel Securities Act1987 substituted 3

Part 4—Savings and Transitional Provisions 3

29 Definitions 3

30 Continuation of section3 4

31 Fixtures 4

32 Delegation powers of the Corporation 5

33 Continuation of the register 5

34 Interstate arrangements 5

35 Pending applications for variation 5

36 Variation of particulars 6

37 Continuation of Corporation's power to correct inaccuracies 6

38 Pending show cause notices 7

39 Certificates 7

40 Corporation may provide information other than by certificate 9

41 Provision of information to PPS Registrar and holder
of security interest 9

42 Fees and charges 10

43 Vehicle identification numbers 10

44 Magistrates' Court (Infringements) Act2000 11

45 Regulations 11

Part 3—Co-operatives Act 1996 13

Division 1—Repeal and provisional registration 13

7 Repeal 13

8 Provisional registration 13

Division 2—Amendment of the Co-operatives Act 1996 14

9 Excluded matter 14

10 Lodgement of documents not to constitute constructive knowledge 14

11 Application of Corporations Act concerning insolvent cooperatives 14

12 New Division heading inserted 15

13 New Division 2 of Part 19 inserted 15

Division 2—Savings and transitional provisions—Personal Property Securities (Statute Law Revision and Implementation) Act2010 15

467 Definitions 15

468 Registration of charges 16

469 Certain charges void against liquidator or
administrator 16

470 Priority between registrable charges 17

471 Power to rectify register 18

14 New section 472 inserted 18

472 Registrar may seek information as to satisfaction etc.
of charges 18

Part 4—Instruments Act 1958 19

15 Repeal 19

16 New Part XV inserted 19

Part XV—Savings and Transitional Provisions—Personal Property Securities (Statute Law Revision and Implementation) Act2010 19

Division 1—Definitions 19

141 Definitions 19

Division 2—Liens on Crops 20

142 Effect of repeal on existing liens 20

Division 3—Liens on wool and mortgages of stock 21

143 Effect of repeal on existing liens 21

144 Effect of repeal on existing mortgages 22

Part 5—Provision of Information 24

17 Definitions 24

18 Provision of information for the purposes of the Personal Property Securities Act2009 of the Commonwealth—Chattel Securities Act1987 24

19 Provision of information for the purposes of the Personal Property Securities Act2009 of the Commonwealth—Instruments Act1958 25

20 Provision of information for the purposes of the Personal Property Securities Act2009 of the Commonwealth—Cooperatives Act1996 26

21 Immunity 26

Part 6—Rights, Licences and Authorities
Excluded from the Operation of the Personal Property Securities Act 2009 of the Commonwealth 28

22 Casino Control Act 1991 28

13A Licence not personal property 28

23 Electricity Industry Act 2000 28

24 Fisheries Act 1995 29

11C Licence, approval and quota not personal property 29

25 Gambling Regulation Act 2003 29

3.4.46A Monitoring licence not personal property 29

4.3A.8A Wagering and betting licence not personal property 29

6A.3.8A Keno licence not personal property 30

3.4A.5A Gaming machine entitlement not personal property 30

26 Gas Industry Act 2001 30

27 Geothermal Energy Resources Act 2005 31

Division 7—Nature of authorities 31

78A Authorities not personal property 31

28 Mineral Resources (Sustainable Development) Act1990 31

29 National Electricity (Victoria) Act 2005 32

11 Personal Property Securities 32

30 Petroleum Act 1998 32

127A Authorities not personal property 32

31 Petroleum (Submerged Lands) Act 1982 33

32 Racing Act 1958 34

Part 7—Priority between Security Interests and certain Statutory Interests 35

33 Infringements Act 2006 35

34 Marine Act 1988 35

35 Port Services Act 1995 36

36 Road Safety Act 1986 36

Part 8—Consequential Amendments 37

37 Consequential amendments 37

Part 9—Repeal of Amending Parts 38

38 Repeal 38

______

SCHEDULE 39

1 Confiscation Act 1997 39

2 Infringements Act 2006 39

3 Motor Car Traders Act 1986 39

4 Road Safety Act 1986 40

5 Victorian Civil and Administrative Tribunal Act1998 40

═══════════════

Endnotes 41

Section Page

Victoria

Section Page

Personal Property Securities (Statute Law Revision and Implementation) Act 2010[(]

No. 74 of 2010

[Assented to 19 October 2010]

Personal Property Securities (Statute Law Revision and Implementation) Act 2010
No. 74 of 2010

The Parliament of Victoria enacts:

Personal Property Securities (Statute Law Revision and Implementation) Act 2010
No. 74 of 2010

Part 1—Preliminary

1 Purposes

The purposes of this Act are to revise the statute law of Victoria as a consequence of the enactment of the Personal Property Securities (Commonwealth Powers) Act 2009 and to provide for the implementation of that Act.

2 Commencement

s. 2

(1) Parts 1 and 5 of this Act come into operation on the day after the day on which this Act receives the Royal Assent.

(2) Subject to subsection (3), the remaining provisions of this Act come into operation on a day or days to be proclaimed.

(3) If a provision of this Act does not come into operation before 1 December 2011, it comes into operation on that day.

______

Part 2—Chattel Securities Act 1987

See:
Act No.
15/1987.
Reprint No. 3
as at
10 May 2007
and amending
Act Nos
74/2007 and 2/2008.
LawToday:
www.
legislation.
vic.gov.au

3 Repeal of Part 1 of the Chattel Securities Act 1987

s. 3

Part 1 of the Chattel Securities Act1987 is repealed.

4 Repeal of certain sections of Part2 of the Chattel Securities Act1987

Sections 4, 5, 7, 8, 9, 10, 11 and 12 of the Chattel Securities Act1987 are repealed.

5 Repeal of Part 3 of the Chattel Securities Act 1987

Part 3 of the Chattel Securities Act1987 is repealed.

6 Part 4 of the Chattel Securities Act1987 substituted

For Part 4 of the Chattel Securities Act1987 substitute—

"______

Part 4—Savings and Transitional Provisions

29 Definitions

In this Part—

2010 Act means the Personal Property Securities (Statute Law Revision and Implementation) Act 2010;

Commonwealth PPS Act means the Personal Property Securities Act 2009 of the Commonwealth;

continued register means any information kept by the Corporation under section33;

PPS Registrar means the Registrar of Personal Property Securities appointed under the Commonwealth PPS Act.

30 Continuation of section3

(1) Despite the commencement of section3 of the 2010Act, section3(1) of this Act, as in force immediately before that commencement, is taken to continue in effect to the extent necessary for this Part.

s. 6

(2) Despite the commencement of section3 of the 2010Act, section3(2), (4), (5), (6), (7) and (8) of this Act as in force immediately before that commencement are taken to continue in effect to the extent necessary for section6 of this Act.

31 Fixtures

Despite the commencement of section4 of the 2010Act, the following provisions of this Act, as in force immediately before that commencement, are taken to continue in effect to the extent necessary for section6—

(a) section 4; and

(b) section 7(1), (1A), (1B), (3), (4), (5), (6), (7), (8) and(9); and

(d) section 9; and

(e) section 10; and

(f) section 11.

32 Delegation powers of the Corporation

Despite the commencement of section5 of the 2010Act, section 14 as in force immediately before that commencement is taken to continue in effect to the extent necessary for the operation of section33.

33 Continuation of the register

s. 6

Despite the commencement of section5 of the 2010Act, in relation to the register kept under section15 as in force immediately before that commencement, the Corporation may continue to keep, in whole or in part, the information that was in that register immediately before that commencement.

34 Interstate arrangements

An arrangement with a corresponding Authority entered into under section 15A as in force before the commencement of section5 of the 2010Act, being an arrangement as in force immediately before that commencement, is taken to continue in force on and after that commencement in relation to matters occurring before that commencement.

35 Pending applications for variation

Despite the commencement of section5 of the 2010Act, the Corporation may vary the particulars of a security interest in the continued register and note in the continued register the date on which, and time at which, those particulars are varied if—

(a) there is a change in the particulars of that security interest (other than by reason that the security interest is discharged or extinguished); and

(b) the secured party makes an application under section21 for the variation of those particulars before that commencement; and

36 Variation of particulars

s. 6

Despite the commencement of section5 of the 2010Act, if a prescribed change occurs in the particulars of a security interest in an entry to the register before that commencement and the particulars are not varied under section 22 before that commencement, the Corporation may—

(a) vary those particulars in the continued register to reflect the prescribed change; and

(b) note in the continued register the date on which, and the time at which, the particulars are varied.

37 Continuation of Corporation's power to correct inaccuracies

(1) Despite the commencement of section5 of the 2010Act, if the Corporation considers that there is an inaccuracy in the information in the continued register relating to a security interest in respect of goods, the Corporation may by notice in writing require the holder of the security interest in those goods to advise the Corporation in writing within the period specified in the notice as to whether the information in the continued register should be varied as specified in the notice.

(2) If the holder of the security interest fails to advise or inadequately advises the Corporation in writing within the period specified in the notice, the Corporation may upon the expiry of that period vary the information in the continued register as specified in the notice.

38 Pending show cause notices

s. 6

Despite the commencement of section5 of the 2010Act, the Corporation may, if—

(a) a show cause notice under section23(1) was given to a person before that commencement; and

(b) the period specified in the notice within which the person must show cause ends after that commencement; and

remove the particulars of the security interest to which the notice relates from the continued register.

39 Certificates

(1) Despite the commencement of section5 of the 2010Act, a person may apply to the Corporation for a certificate containing particulars of information contained in the continued register in respect of specified goods or, if there is no information in the continued register in respect of those goods, a certificate containing a statement to that effect.

(2) In addition to the information referred to in subsection (1), the Corporation may provide with a certificate any other information relating to—

(a) goods whether or not there is any information in the continued register (including information about security interests in respect of those goods); or

(b) goods which a member of the police force has advised the Corporation have been reported to a member of the police force as being stolen or otherwise illegally obtained; or

being information provided in writing to the Corporation for the purposes of this subsection or for the purposes of section24(2) as in force immediately before the commencement of section5 of the 2010Act.

s. 6

(3) Despite the commencement of section5 of the 2010Act, neither the Corporation nor any other person incurs any liability in respect of a certificate issued under subsection(1) or information provided under subsection(2) if—

(a) the certificate or information contains or is accompanied by a disclaimer that the certificate or information is provided without liability and without any responsibility for the accuracy of the certificate or information; and

(b) the certificate or information is provided in good faith.

(4) The applicant for a certificate under subsection (1) must pay the prescribed fee, if any.

40 Corporation may provide information other than by certificate

Despite the commencement of section5 of the 2010Act, the Corporation may, on the payment of the prescribed fee (if any) provide information of the type referred to in section39(1) and (2) to a person without providing a certificate under section39 in the approved form.

41 Provision of information to PPS Registrar and holder of security interest

s. 6

(1) The Corporation may, if it varies particulars of a security interest or information in the continued register under section35, 36 or37(2) provide the PPS Registrar with written notice of—

(a) the variation of the particulars or information in the continued register; and

(b) details of the varied particulars or information.

(2) The Corporation may, if it removes the particulars of a security interest from the continued register under section38, provide the PPS Registrar with written notice of—

(a) the removal of the particulars from the continued register; and

(b) details of the removed particulars.

(3) If the Corporation removes the particulars of a security interest from the continued register under section38, the Corporation must give written notice to the holder of that security interest that the particulars of the security interest have been varied or removed in the continued register.

42 Fees and charges

Despite the commencement of section5 of the 2010Act, the Corporation after that commencement may recover a fee or charge—

(a) incurred under Part 3 before that commencement; or

(b) for varying the particulars of a security interest under section22(2) (as in force before that commencement) or under section36 to reflect a prescribed change that occurred before that commencement—