Commonwealth Consolidated Acts

PERSONAL PROPERTY SECURITIES (CONSEQUENTIAL AMENDMENTS) ACT 2009 - SCHEDULE 5

Air Services Act 1995

1   Paragraph 60(3)(a)

Omit "floating charge", substitute "security interest that has attached to the aircraft as a circulating asset, within the meaning of the Personal Property Securities Act 2009 ".

2   At the end of subsection 60(3)

Add:

Note:   Part   9.5 of the Personal Property Securities Act 2009 deals with security interests that attach to circulating assets. These interests are also described as floating charges.

3   After subsection 60(3)

Insert:

  (3A)   Subsection 73(2) of the Personal Property Securities Act 2009 applies to a statutory lien.

Note 1:   The effect of this subsection is that the priority between a statutory lien on an aircraft and a security interest in the aircraft to which the Personal Property Securities Act 2009 applies 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 statutory liens that arise after the commencement of subsection   (3A) (which is the registration commencement time within the meaning of the Personal Property Securities Act 2009 ).

4   Application of amendments of the Air Services Act 1995

  The amendment of the Air Services Act 1995 made by item   1 of this Schedule does not apply in relation to a floating charge if the floating charge was created before the time that item commences.

Note:   Item   1 commences at the registration commencement time within the meaning of section   306 of the Personal Property Securities Act 2009 .

Bankruptcy Act 1966

5   Subsection 5(1)

Insert:

"PPSA grantor or debtor" (short for Personal Property Securities Act grantor or debtor), in relation to a PPSA security interest, means a grantor or debtor within the meaning of the Personal Property Securities Act 2009 .

6   Subsection 5(1)

Insert:

"PPSA secured party" (short for Personal Property Securities Act secured party), in relation to a PPSA security interest, means a secured party within the meaning of the Personal Property Securities Act 2009 .

7   Subsection 5(1)

Insert:

"PPSA security agreement" (short for Personal Property Securities Act security agreement), in relation to a PPSA security interest, means a security agreement within the meaning of the Personal Property Securities Act 2009 .

8   Subsection 5(1)

Insert:

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

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 .

9   Subsection 5(1) (definition of secured creditor )

Repeal the definition, substitute:

"secured creditor" , in relation to a debtor, means:

  (a)   in the case of a debt secured by a PPSA security interest--the PPSA secured party in relation to the interest, if the interest:

  (i)   arose as security for the debt; and

  (ii)   is perfected (within the meaning of the Personal Property Securities Act 2009 ); or

  (b)   in the case of any other debt--a person holding a mortgage, charge or lien on property of the debtor as a security for a debt due to him or her from the debtor.

10   Subsection 301(1)

Omit "or in a licence", substitute ", in a licence or in a PPSA security agreement".

11   Paragraphs 301(1)(a), (b) and (c)

Repeal the paragraphs, substitute:

  (a)   the contract, agreement, lease, hire - purchase agreement, licence or PPSA security agreement is to terminate, or may be terminated by the vendor, lessor, owner, licensor or PPSA secured party; or

  (b)   the operation of the contract, agreement, lease, hire - purchase agreement, licence or PPSA security agreement is to be modified; or

  (c)   property to which the contract, agreement, lease, hire - purchase agreement, licence or PPSA security agreement relates may be repossessed by or on behalf of the vendor, lessor, owner, licensor or PPSA secured party;

12   Subsection 301(1)

Omit "or licensee", substitute ", licensee or PPSA grantor or debtor".

13   After subsection 301(2)

Insert:

  (2A)   This section extends to a PPSA security agreement entered into at or after the time this subsection commences.

Note:   This subsection commenced at the registration commencement time within the meaning of section   306 of the Personal Property Securities Act 2009 .

14   Subsection 302(1)

Omit "or charge" (first occurring), substitute ", charge or PPSA security agreement".

15   Paragraphs 302(1)(a) and (b)

Repeal the paragraphs, substitute:

  (a)   enabling the grantee, mortgagee, person entitled to the benefit of the lien or charge or PPSA secured party to exercise any power or remedy; or

  (b)   to the effect that the operation of the bill of sale, mortgage, lien, charge or PPSA security agreement is to be modified;

16   Subsection 302(1)

Omit "or person whose property is subject to the lien or charge", substitute ", the person whose property is subject to the lien or charge or the PPSA grantor or debtor".

17   At the end of section   302

Add:

  (3)   This section extends to a PPSA security agreement entered into at or after the time this subsection commences.

Note:   This subsection commenced at the registration commencement time within the meaning of section   306 of the Personal Property Securities Act 2009 .

18   Application of amendments of the Bankruptcy Act 1966

The amendment of the Bankruptcy Act 1966 made by item   9 of this Schedule does not apply in relation to a bankruptcy if the date of the bankruptcy (within the meaning of that Act) is before the time the item commences.

Note:   Item   9 commences at the registration commencement time within the meaning of section   306 of the Personal Property Securities Act 2009 .

Commonwealth Inscribed Stock Act 1911

19   Section   24B

Before "The regulations", insert "(1)".

20   At the end of section   24B

Add:

  (2)   Subsection   (1) does not apply in relation to the keeping of a record of the ownership of any equitable interest in the stock that is a security interest within the meaning of the Personal Property Securities Act 2009 , and to which that Act applies.

Note 1:   The Personal Property Securities Act 2009 applies to certain security interests in personal property (including stock). 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:   That Act provides for registration in respect of security interests in personal property, including stock (see Chapter   5 of that Act).

Corporations (Aboriginal and Torres Strait Islander) Act 2006

21   After subsection 453 - 10(5)

Insert:

  (5A)   Subsection 73(2) of the Personal Property Securities Act 2009 applies to a charge created in accordance with paragraph   (4)(b).

Note 1:   The effect of this subsection is that the priority between a charge created in accordance with paragraph   (4)(b) and a security interest to which the Personal Property Securities Act 2009 applies 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 charges that arise after the commencement of subsection   (5A) (which is the registration commencement time within the meaning of the Personal Property Securities Act 2009 ).

22   After subsection 511 - 1(5)

Insert:

  (5A)   Subsection 73(2) of the Personal Property Securities Act 2009 applies to a charge created in accordance with paragraph   (4)(b).

Note 1:   The effect of this subsection is that the priority between a charge created in accordance with paragraph   (4)(b) and a security interest to which the Personal Property Securities Act 2009 applies 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 charges that arise after the commencement of subsection   (5A) (which is the registration commencement time within the meaning of the Personal Property Securities Act 2009 ).

Health Insurance Act 1973

23   After section   20A

Insert:

20AA   Security interest must not be created in medicare benefit

  (1)   This section applies to a medicare benefit (an assigned benefit ) if an assignment has been made, or an agreement has been entered into, in accordance with section   20A, in relation to the medicare benefit.

  (2)   A person must not enter into a security agreement (within the meaning of the Personal Property Securities Act 2009 ), to the extent that the agreement purports to provide for a PPSA security interest in an assigned benefit.

Note:   For the meaning of security agreement , see section   10 of the Personal Property Securities Act 2009 .

  (3)   A security interest that is purported to be provided for by a security agreement entered into in contravention of subsection   (2) is void and is taken never to have had effect.

  (4)   This section applies despite anything in the Personal Property Securities Act 2009 .

  (5)   This section does not affect the operation of subsection 20A(5).

  (6)   In this section:

"PPSA security interest" means 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.

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 .

Insurance Act 1973

24   At the end of section   62S

Add:

  (3)   Subsection 73(2) of the Personal Property Securities Act 2009 applies to a charge created in accordance with subsection   (2).

Note 1:   The effect of this subsection is that the priority between a charge and a security interest to which the Personal Property Securities Act 2009 applies 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 statutory interests that arise after the commencement of subsection   (3) (which is the registration commencement time within the meaning of the Personal Property Securities Act 2009 ).

Privacy Act 1988

25   At the end of paragraphs 13(a) to (bb)

Add "or".

26   At the end of section   13

Add:

Note:   For the purposes of this section, each of the following is an interference with the privacy of an individual:

(a)   a contravention of the requirement to ensure that notice is given in accordance with section   157 of the Personal Property Securities Act 2009 (see subsection 157(4) of that Act);

(b)   a search of the Personal Property Securities Register that is unauthorised under subsection 173(3) or (4) of that Act (see subsection 173(2) of that Act).

27   Subsection 28(1)

Omit "and 28A", substitute ", 28A and 28B".

28   Subsection 28A(1)

Omit "and 28", substitute ", 28 and 28B".

29   After section   28A

Insert:

28B   Functions of Commissioner in relation to personal property securities

  (1)   In addition to the functions under sections   27, 28 and 28A, the Commissioner has the following functions in relation to personal property securities:

  (a)   to investigate an act or practice that may be an interference with the privacy of an individual under subsection 157(4) or 173(2) of the Personal Property Securities Act 2009 and, if the Commissioner considers it appropriate to do so, to attempt by conciliation, to effect a settlement of the matters that gave rise to the investigation;

  (b)   to do anything incidental or conducive to the performance of that function.

  (2)   The Commissioner has power to do all things that are necessary or convenient to be done for or in connection with the performance of his or her functions under subsection   (1).

30   After section   49

Insert:

49A   Investigation under section   40 to cease if civil penalty provision under Personal Property Securities Act 2009 may have been contravened

  (1)   If, in the course of an investigation under section   40, the Commissioner forms the opinion that subsection 172(3) of the Personal Property Securities Act 2009 (civil penalty for searching otherwise than for authorised purposes) may have been contravened, the Commissioner must:

  (a)   inform the Registrar of Personal Property Securities under the Personal Property Securities Act 2009 of that opinion; and

  (b)   in the case of an investigation under subsection 40(1), give a copy of the complaint to the Registrar of Personal Property Securities; and

  (c)   discontinue the investigation except to the extent that it concerns matters unconnected with the contravention that the Commissioner believes may have taken place.

  (2)   The Registrar of Personal Property Securities must notify the Commissioner in writing if, after having been informed of the Commissioner's opinion under paragraph   (1)(a), the Registrar decides:

  (a)   not to apply for an order under section   222 of the Personal Property Securities Act 2009 ; or

  (b)   to discontinue a proceeding that is an application for an order under section   222 of that Act.

  (3)   Upon receiving a notice under subsection   (2), the Commissioner may continue an investigation discontinued under paragraph   (1)(c).

Quarantine Act 1908

31   Subsection 5(1)

Insert:

"PPSA security interest" means 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.

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 .

32   Section   65

Before "Any", insert "(1)".

33   At the end of section   65

Add:

  (2)   While a vessel is detained under subsection   (1), a person does not have the power of seizure provided for by section   123 of the Personal Property Securities Act 2009 in relation to the vessel.

34   Subsection 69A(14)

After "In this section", insert "and subject to subsection   (14A)".

35   Subsection 69A(14)

After "in respect of the goods or premises", insert "(other than a PPSA security interest)".

36   After subsection 69A(14)

Insert:

  (14A)   For the purposes of the definition of owner in subsection   (14), a person who, or a partnership which, had an interest in the goods or premises at the time of their destruction does not include a person or partnership if the person or partnership:

  (a)   holds a PPSA security interest in the goods or premises; but

  (b)   is not in possession or control of the goods or premises at that time.

Wool International Act 1993

37   Subsection 22J(1)

Omit "(1)".

38   Subsection 22J(1)

Omit "Subject to this section, a", substitute "A".

39   At the end of subsection 22J(1)

Add:

Note 1:   A charge over (or another security interest in) a unit of equity in WoolStock Australia Limited may be the subject of a registration in the Personal Property Securities Register under the Personal Property Securities Act 2009 .

Note 2:   The priority of charges over (or other securities interests in) units of equity is determined in accordance with the Personal Property Securities Act 2009 .

40   Subsections 22J(2) to (7)

Repeal the subsections.

41   Section   22K

Repeal the section.

42   Paragraph 22L(b)

Repeal the paragraph.

43   Subsection 22R(2) (note)

Repeal the note.

44   Subsection 22R(3)

Omit "Subject to subsection   (4), a", substitute "A".

45   Subsection 22R(4)

Repeal the subsection.

46   Subsection 22S(1)

Omit "(1)".

47   Paragraph 22S(1)(b)

Omit "distribution;", substitute "distribution.".

48   Paragraph 22S(1)(c)

Repeal the paragraph.

49   Subsection 22S(2)

Repeal the subsection.

50   Application of amendments of the Wool International Act 1993

(1)   This item applies if immediately before the time item   42 of this Schedule commences, WoolStock Australia Limited had not complied with a request made by a person under paragraph 22L(b) of the Wool International Act 1993 .

Note:   Item   42 commences at the registration commencement time within the meaning of section   306 of the Personal Property Securities Act 2009 .

(2)   The requirement to comply with the request stops applying after the time item   42 of this Schedule commences.

Notes to the Personal Property Securities (Consequential Amendments) Act 2009

Note 1

The Personal Property Securities (Consequential Amendments) Act 2009 as shown in this compilation comprises Act No.   131 , 200 9 amended as indicated in the Tables below.

Table of Acts

(a)   Subsection 2(1) (item   14 ) of the Personal Property Securities (Corporations and Other Amendments) Act 2010 provides as follows:

  (1)   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Table of Amendments