Commonwealth Consolidated Acts

PERSONAL PROPERTY SECURITIES (CONSEQUENTIAL AMENDMENTS) ACT 2009 - SCHEDULE 1

Fisheries Management Act 1991

1   Subsection 4(1)

Insert:

"PPSA security interest" (short for Personal Property Securities Act security interest) means:

  (a)   a security interest within the meaning of the Personal Property Securities Act 2009 and to which that Act applies (other than a transitional security interest within the meaning of that Act); or

  (b)   a transitional security interest within the meaning of that Act, and to which Division   4 of Part   9.4 of that Act applies.

Note 1:   The Personal Property Securities Act 2009 applies to certain security interests in personal property. See the following provisions of that Act:

(a)   section   8 (interests to which the Act does not apply);

(b)   section   12 (meaning of security interest );

(c)   Chapter   9 (transitional provisions).

Note 2:   For the meaning of transitional security interest , see section   308 of the Personal Property Securities Act 2009 . Division   4 of Part   9.4 of that Act applies to transitional security interests in situations including the bankruptcy or insolvency of a secured party, grantor or debtor.

2   Subsection 4(1)

Insert:

"statutory fishing rights option" has the meaning given by section   31A.

3   Subsection 31A(1)

Omit "statutory fishing rights option", substitute " statutory fishing rights option ".

4   Subsection 31A(4)

Omit " statutory fishing rights option ", substitute "statutory fishing rights option".

5   At the end of subsection 31F(1)

Add ", other than an interest that is a PPSA security interest".

Note 1:   The heading to section   31F is altered by omitting " Creation etc. of interests " and substituting " Registration of dealings ".

Note 2:   The following heading to subsection 31F(1) is inserted " Scope ".

Note 3:   The following heading to subsection 31F(2) is inserted " Registration of dealings ".

Note 4:   The following heading to subsection 31F(6) is inserted " Partial assignment of statutory fishing rights options ".

Note 5:   The following heading to subsection 31F(7) is inserted " Refusal to register dealings ".

Note 6:   The following heading to subsection 31F(8) is inserted " Documentation of registration of dealings ".

6   Subsection 31F(9)

Repeal the subsection.

7   After section   31F

Insert:

31FA   Interests in statutory fishing rights options--priority between section   31F interests and PPSA security interests

Scope

  (1)   This section sets out the priority between the following interests in a statutory fishing rights option:

  (a)   an interest (the section   31F interest ) that is the subject of a dealing (the section   31F dealing ), if the dealing has effect under section   31F (by registration);

  (b)   a PPSA security interest.

Priority rules

  (2)   The priority is as set out in the following table:

  (3)   Subsection 73(2) of the Personal Property Securities Act 2009 applies to the section   31F interest.

Note 1:   The effect of subsection   (3) is that the priority between a section   31F interest and a PPSA security interest in a statutory fishing rights option is to be determined in accordance with this Act rather than the Personal Property Securities Act 2009 .

Note 2:   Subsection 73(2) of the Personal Property Securities Act 2009 applies to section   31F interests that arise after the commencement of subsection   (3) of this section (which commences at the registration commencement time within the meaning of the Personal Property Securities Act 2009 ).

8   Subsection 31J(1)

Omit ", subject only to any rights appearing in the Register to be vested in another person,", substitute ", subject to this section,".

9   After subsection 31J(1)

Insert:

  (1A)   A dealing mentioned in subsection   (1) is subject to:

  (a)   any rights appearing in the Register to be vested in another person, other than any such rights that are PPSA security interests; and

  (b)   any rights or interests in the statutory fishing rights option that are PPSA security interests, to the extent provided by the Personal Property Securities Act 2009 .

10   At the end of subsection 46(1)

Add ", other than an interest that is a PPSA security interest".

Note 1:   The heading to section   46 is altered by omitting " Creation etc. of interests " and substituting " Registration of dealings ".

Note 2:   The following heading to subsection 46(1) is inserted " Scope ".

Note 3:   The following heading to subsection 46(2) is inserted " Registration of dealing ".

Note 4:   The following heading to subsection 46(5) is inserted " Documentation of registration of dealings ".

11   Subsection 46(6)

Repeal the subsection.

12   After section   46

Insert:

46A   Interests in fishing rights--priority between section   46 interests and PPSA security interests

Scope

  (1)   This section sets out the priority between the following interests in a fishing right:

  (a)   an interest (the section   46 interest ) that is the subject of a dealing (the section   46 dealing ), if the dealing has effect under section   46 (by registration);

  (b)   a PPSA security interest.

Priority rules

  (2)   The priority is as set out in the following table:

  (3)   Subsection 73(2) of the Personal Property Securities Act 2009 applies to the section   46 interest.

Note 1:   The effect of subsection   (3) is that the priority between a section   46 interest and a PPSA security interest in a fishing right is to be determined in accordance with this Act rather than the Personal Property Securities Act 2009 .

Note 2:   Subsection 73(2) of the Personal Property Securities Act 2009 applies to section   46 interests that arise after the commencement of subsection   (3) of this section (which commences at the registration commencement time within the meaning of the Personal Property Securities Act 2009 ).

13   Subsection 48(1)

Omit ", subject only to any rights appearing in the Register to be vested in another person and to section   49,", substitute ", subject to this section,".

14   After subsection 48(1)

Insert:

  (1A)   A dealing mentioned in subsection   (1) is subject to:

  (a)   section   49; and

  (b)   any rights appearing in the Register to be vested in another person, other than any such rights that are PPSA security interests; and

  (c)   any rights or interests in the fishing right that are PPSA security interests, to the extent provided by the Personal Property Securities Act 2009 .

15   Subsection 50(3)

Repeal the subsection.

16   Subdivision F of Division   6 of Part   6

Repeal the Subdivision, substitute:

Subdivision F -- Enforcement action under this Act prevails over other action

108A   Seizure or forfeiture has effect despite other proceedings

  (1)   The seizure, detention or forfeiture of a boat or any other property (including fish) under this Act has effect despite:

  (a)   any or all of the following events (each of which is an admiralty event ):

  (i)   the arrest of the boat under the Admiralty Act 1988 ;

  (ii)   the making of an order for the sale of the boat by a court in proceedings brought under the Admiralty Act 1988 ;

  (iii)   the sale of the boat under an order made by a court in proceedings brought under the Admiralty Act 1988 ; or

  (b)   any action (a PPSA event ) taken in relation to the enforcement under Part   4.3 of the Personal Property Securities Act 2009 of a PPSA security interest in the boat or other property.

  (2)   Subsection   (1) has effect regardless of whether the seizure, detention or forfeiture, or the event that was the basis for the seizure, detention or forfeiture, occurred before or after the admiralty event or the PPSA event.

18   Transitional--item   15

(1)   This item applies if:

  (a)   before the time that item   15 of this Schedule commenced, the Australian Fisheries Management Authority was required to give a person written notification under subsection 50(3) of the Fisheries Management Act 1991 (as in force at that time); and

  (b)   at that time, the Australian Fisheries Management Authority had not complied with the requirement.

Note:   Item   15 commences at the registration commencement time within the meaning of section   306 of the Personal Property Securities Act 2009 .

(2)   The Australian Fisheries Management Authority must comply with the requirement as if the repeal of subsection 50(3) of the Fisheries Management Act 1991 by item   15 of this Schedule had not happened.

Torres Strait Fisheries Act 1984

19   Subsection 3(1)

Insert:

"PPSA security interest" (short for Personal Property Securities Act security interest) means:

  (a)   a security interest within the meaning of the Personal Property Securities Act 2009 and to which that Act applies (other than a transitional security interest within the meaning of that Act); or

  (b)   a transitional security interest within the meaning of that Act, and to which Division   4 of Part   9.4 of that Act applies.

Note 1:   The Personal Property Securities Act 2009 applies to certain security interests in personal property. See the following provisions of that Act:

(a)   section   8 (interests to which the Act does not apply);

(b)   section   12 (meaning of security interest );

(c)   Chapter   9 (transitional provisions).

Note 2:   For the meaning of transitional security interest , see section   308 of the Personal Property Securities Act 2009 . Division   4 of Part   9.4 of that Act applies to transitional security interests in situations including the bankruptcy or insolvency of a secured party, grantor or debtor.

20   Section   52J

Repeal the section, substitute:

52J   Seizure or forfeiture has effect despite other proceedings

  (1)   The seizure, detention or forfeiture of a boat or any other property (including fish) under this Act has effect despite:

  (a)   any or all of the following events (each of which is an admiralty event ):

  (i)   the arrest of the boat under the Admiralty Act 1988 ;

  (ii)   the making of an order for the sale of the boat by a court in proceedings brought under the Admiralty Act 1988 ;

  (iii)   the sale of the boat under an order made by a court in proceedings brought under the Admiralty Act 1988 ; or

  (b)   any action (a PPSA event ) taken in relation to the enforcement under Part   4.3 of the Personal Property Securities Act 2009 of a PPSA security interest in the boat or other property.

  (2)   Subsection   (1) has effect regardless of whether the seizure, detention or forfeiture, or the event that was the basis for the seizure, detention or forfeiture, occurred before or after the admiralty event or the PPSA event.