Personal Property Securities (Consequential Amendments) Act 2009 (131 of 2009)

Schedule 3   Maritime legislation

Shipping Registration Act 1981

25   After section 59

Insert:

59A Rectification of Personal Property Securities Register

(1) This section applies if:

(a) a financing statement describing a ship, or a share in a ship, has been registered in the PPS Register; and

(b) any of the following circumstances apply (whether or not by reason of a decision of the PPS Registrar):

(i) data in relation to the financing statement (including the entire registration) has been removed from the PPS Register;

(ii) the financing statement, or a financing change statement to amend the financing statement, was wrongly registered, or was registered without sufficient cause;

(iii) there is an error, omission or other defect in the financing statement.

(2) A person aggrieved by the circumstance or the PPS Registrar may apply to the Supreme Court of a State or Territory for rectification of the PPS Register.

(3) Notice of an application under subsection (2) by a person aggrieved must be served on the PPS Registrar, who:

(a) may appear and be heard; and

(b) must appear if so directed by the Court.

(4) On an application under subsection (2), the Court may make such order as it thinks fit directing the rectification of the PPS Register.

(5) A Court may, in proceedings on an application under subsection (2), decide any question that it is necessary or expedient to decide in connection with the rectification of the PPS Register.

(6) An office copy of an order under subsection (4) must be served on the PPS Registrar, and the PPS Registrar must, upon receipt of the order, rectify the PPS Register accordingly.

(7) If the PPS Register is rectified under this section, but could have been similarly rectified under a provision of the Personal Property Securities Act 2009, that Act applies as if the PPS Register had been rectified under that provision of the Personal Property Securities Act 2009.

Note: The Personal Property Securities Act 2009 includes various rules about access to data in the PPS Register that has been the subject of rectification under that Act. Subsection (7) of this section ensures that those rules apply in relation to rectification under this Act as well.

(8) In this section:

financing change statement has the meaning given by the Personal Property Securities Act 2009.

financing statement has the meaning given by the Personal Property Securities Act 2009.

PPS Register means the Personal Property Securities Register established under section 147 of the Personal Property Securities Act 2009.

PPS Registrar means the Registrar of Personal Property Securities appointed under section 194 of the Personal Property Securities Act 2009.

Note: The heading to section 59 is replaced by the heading " Rectification of Australian Register of Ships ".