Personal Property Securities (Corporations and Other Amendments) Act 2010 (96 of 2010)

Schedule 1   Corporations Act 2001

Part 7   Liens and pledges

135   Subsection 442CB(1)

Repeal the subsection, substitute:

(1) If the administrator of a company is entitled to dispose of property of the company by way of sale, and the property is subject to a security interest, the administrator must act reasonably in exercising a power of sale in respect of the property.

Note: A company's property includes its PPSA retention of title property (see the definition of property applying to Part 5.3A, in section 435B).

Note: The heading to section 442CB is altered by omitting " lien or pledge " and substituting " security interest ".