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

Schedule 1   Corporations Act 2001

Part 3   Charges and chargees

Divison 1   Specific amendments

29   Subsection 420B(1)

Repeal the subsection, substitute:

(1) On the application of a managing controller of property of a corporation, the Court may by order authorise the controller to sell, or to dispose of in some other specified way, specified property of the corporation, even though it is subject to a security interest (the prior security interest ) that has priority over a security interest (the controller's security interest ) in that property that the controller is enforcing.

Note: The heading to section 420B is altered by omitting " charge " and substituting " security interest ".