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