Personal Property Securities Amendment Regulations 2011 (No. 1)

Link to law: https://www.comlaw.gov.au/Details/F2011L02030

Personal Property Securities Amendment Regulations 2011 (No. 1)1
Select Legislative Instrument 2011 No. 176
I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Personal Property Securities Act 2009.
Dated 29 September 2011
QUENTIN BRYCE
Governor-General
By Her Excellency’s Command
ROBERT McCLELLAND
Attorney-General
1              Name of Regulations
                These Regulations are the Personal Property Securities Amendment Regulations 2011 (No. 1).
2              Commencement
                These Regulations commence on the day after they are registered.
3              Amendment of Personal Property Securities Regulations 2010
                Schedule 1 amends the Personal Property Securities Regulations 2010.
Schedule 1        Amendments
(regulation 3)
 
[1]           After subregulation 1.4 (1)
insert
      (1A)   For paragraph 8 (1) (l) of the Act, the Act does not apply to an interest in an authority, lease, licence or permit of any kind that is created under the Offshore Minerals Act 1994 or the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
      (1B)   However, subregulation (1A) does not apply to an interest to which paragraph 8 (1) (k) of the Act applies.
[2]           Regulation 1.6, definition of ARSN
omit
Securities
insert
Scheme
[3]           Paragraph 1.7 (3) (b)
substitute
               (b)    is a piece of machinery or equipment that is equipped with wheels and designed to be attached to, or towed by, a motor vehicle; and
[4]           After regulation 1.8
insert
1.9           Meaning of PPS lease
         (1)   For paragraph 13 (2) (d) of the Act, a lease or bailment is not a PPS lease if it is part of a pooling arrangement.
         (2)   In subregulation (1):
pooling arrangement means an arrangement that includes one or more hire, lease or bailment arrangements, under which:
                (a)    goods are pooled for the collective use, from time to time, of the parties to one or more hire, lease or bailment arrangements; and
               (b)    none of the hire, lease or bailment arrangements, in substance, secures payment or performance of an obligation; and
                (c)    possession of the goods can be passed between multiple users, without the prior approval of the owner, whether or not the goods are passed subject to conditions; and
               (d)    like goods that are, by nature or usage of trade, the equivalent of the goods hired, leased or bailed under one of the hire, lease or bailment arrangements can be returned, in place of the goods originally hired, leased or bailed.
[5]           Regulation 2.1
substitute
2.1           Taking motor vehicles free of security interests
Incorrect or missing serial number
         (1)   For subsection 45 (1) of the Act, a motor vehicle described in regulation 1.7 is prescribed.
         (2)   However, in the period that ends at the end of the month that is 24 months after the registration commencement time, a motor vehicle described in regulation 1.7 is taken not to be prescribed for subsection 45 (1) of the Act if:
                (a)    it is subject to a transitional security interest; and
               (b)    before the registration commencement time, it was not possible to register the transitional security interest by serial number on a transitional register of a State or Territory that registered security interests in motor vehicles.
Taking from prescribed persons
         (3)   For subsection 45 (3) of the Act, a motor vehicle described in regulation 1.7 is prescribed.
[6]           After regulation 5.8
insert
5.8A        Access to third party data — third party
                For subsection 176C (1) of the Act, Austroads Ltd (ABN 16 245 787 323) is a prescribed person.
Note   Under subsection 176C (1) of the Act, a prescribed person becomes a ‘third party’. The Registrar may make an arrangement with a third party so that actions mentioned in the subsection, relating to data held by the third party, may be taken.
[7]           Subparagraphs 5.9 (c) (i) and (ii)
omit
grantor
substitute
debtor
[8]           Regulation 7.1
substitute
7.1           Concurrent operation of provisions of Corporations Act 2001 — resolution of inconsistency
                For subsection 255 (1) of the Act, paragraph 32 (1) (a) of the Act does not apply to a matter set out in the table.
 
Item
Matter

1
A compromise or arrangement, under Part 5.1 of the Corporations Act 2001, that provides for the transfer or cancellation of securities

2
A resolution, under section 601GC of the Corporations Act 2001, that provides for transfer or cancellation of interests in a registered managed investment scheme

3
A compulsory acquisition of securities under Part 6A.1 or 6A.2 of the Corporations Act 2001

[9]           Schedule 1, after subitem 1.2 (5)
insert
         (6)   Item 1 of the table applies only to a registration by the Registrar under subsection 333 (2) of the Act.
[10]         Schedule 1, paragraph 1.3 (1) (b)
substitute
               (b)    is not a trustee of a trust that has an ABN.
[11]         Schedule 1, after subitem 1.3 (3)
insert
         (4)   Item 1 of the table applies only to a registration by the Registrar under subsection 333 (2) of the Act.
[12]         Schedule 1, after subclause 1.4 (3)
insert
         (4)   Item 1 of the table applies only to a registration by the Registrar under subsection 333 (2) of the Act.
         (5)   Despite subclause (2), if an individual partner grants a security interest over the partner’s net interest in a partnership, the prescribed details are the details mentioned in the item of the table in clause 1.2 that:
                (a)    applies to the partner; and
               (b)    has the lowest item number.
         (6)   Despite item 3 of the table, if a body corporate is a partner in a partnership that does not have an ABN, the prescribed details are the details mentioned in the item of the table in clause 1.3 that:
                (a)    applies to the body corporate; and
               (b)    has the lowest item number.
[13]         Schedule 1, after subclause 1.5 (4)
insert
         (5)   Item 1 of the table applies only to a registration by the Registrar under subsection 333 (2) of the Act.
[14]         Schedule 1, clause 1.5, table, item 1
substitute
1
Trustee of a trust for which details have been included on the transitional register, for a migrated security interest
Trustee details, as recorded on the transitional register
Transitional register
[15]         Schedule 1, after subclause 1.6 (3)
insert
         (4)   Item 1 of the table applies only to a registration by the Registrar under subsection 333 (2) of the Act.
[16]         Schedule 2, paragraph 2.4 (3) (a)
omit
clause 2.2
insert
clause 2.1
Note
1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.
 
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