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

Schedule 5   Other legislation

Corporations (Aboriginal and Torres Strait Islander) Act 2006

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).