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CORPORATIONS ACT 2001 - SECT 51F

Meaning of PPSA retention of title property

Definition

  (1)   Property is PPSA retention of title property (short for Personal Property Securities Act retention of title property) of a corporation if:

  (a)   the property is personal property; and

  (b)   the property is used or occupied by, or is in the possession of, the corporation; and

  (c)   the corporation does not have title to the property; and

  (d)   a PPSA security interest is attached to the property, within the meaning of the Personal Property Securities Act 2009 ; and

  (e)   the corporation is the grantor in relation to the PPSA security interest, within the meaning of that Act.

Examples:   The following personal property is PPSA retention of title property if a PPSA security interest attaches to the property by virtue of the transaction concerned, and the grantor is a corporation:

(a)   property that is the subject of an agreement to sell subject to retention of title, or a hire purchase agreement, that secures the payment or performance of an obligation (see subsection   12(2) of the Personal Property Securities Act 2009 );

(b)   property that is the subject of a lease, or a consignment agreement, that secures the payment or performance of an obligation (see subsection   12(2) of the Personal Property Securities Act 2009 );

(c)   goods that are the subject of a commercial consignment (see subsection   12(3) of the Personal Property Securities Act 2009 );

(d)   goods that are leased or bailed under a PPS lease (see subsection   12(3) of the Personal Property Securities Act 2009 ).

References to property of a corporation

  (2)   A reference in this Act to the property of a corporation does not include a reference to any PPSA retention of title property of the corporation, unless provided otherwise expressly or by necessary implication.

Note:   See also the definition of property in section   9.

References to property of a sub - fund of a CCIV

  (3)   A reference in a provision of this Act to property of a sub - fund of a CCIV (including a substituted reference provided for by Part   8B.6) is a reference to something that is:

  (a)   property of the CCIV (within the meaning of the provision); and

  (b)   an asset of the sub - fund of the CCIV.

Note:   For assets of a sub - fund of a CCIV, see section   1233H.


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