Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 261

261. (1) In this Part, unless the contrary intention appears:

"company" includes a registered body;

"document of title" means a document:

   (a)  used in the ordinary course of business as proof of possession or
        control, or of the right to possession or control, of property other
        than land; or

   (b)  authorising or purporting to authorise, whether by endorsement or
        delivery, the possessor of the document to transfer or receive
        property other than land;
and includes:

   (c)  a bill of lading;

   (d)  a warehousekeeper's certificate;

   (e)  a wharfinger's certificate;

   (f)  a warrant or order for the delivery of goods; and

   (g)  a document that is, or evidences title to, a marketable security;

"present liability", in relation to a charge, means a liability that has
arisen, being a liability the extent or amount of which is fixed or capable of
being ascertained, whether or not the liability is immediately due to be met;

"property", in relation to a company, means property:

   (a)  except in the case of a foreign company-within or outside Australia;
        or

   (b)  in the case of a foreign company-within Australia;
held by the company, whether or not as trustee;

"prospective liability", in relation to a charge, means any liability that may
arise in the future, or any other liability, but does not include a present
liability;

"Register" means the Australian Register of Company Charges referred to in
section 265;

"registrable charge" means a charge in relation to which, by virtue of
section 262, the provisions of this Part mentioned in subsection 262 (1)
apply.

(2) A charge referred to in subsection 263 (3) or section 264 shall, until the
charge is registered, be treated for the purposes of this Part as if it were
not a registrable charge but, when the charge is so registered, it has the
priority accorded to a registered charge as from the time of registration.

(3) The registration of a charge referred to in subsection 263 (3) or
section 264 does not prejudice any priority that would have been accorded to
the charge under any other law (whether an Australian law or not) if the
charge had not been registered.

(4) For the purposes of this Part, a notice or other document shall be taken
to be lodged when it is received at an office of the Commission by an officer
authorised to receive it.