Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 265

265. (1) The Commission shall keep a register to be known as the Australian
Register of Company Charges.

(2) Where a notice in respect of a charge on property of a company that is
required by section 263 or 264 to be lodged is lodged (whether during or after
the period within which the notice was required to be lodged) and the notice
contains all the particulars required by the relevant section to be included
in the notice, the Commission shall as soon as practicable cause to be entered
in the Register the time and date when the notice was lodged and the following
particulars in relation to the charge:

   (a)  if the charge is a charge created by the company, the date of its
        creation or, if the charge was a charge existing on property acquired
        by the company, the date on which the property was so acquired;

   (b)  a short description of the liability (whether present or prospective)
        secured by the charge;

   (c)  a short description of the property charged;

   (d)  the name of the trustee for debenture holders or, if there is no such
        trustee, the name of the chargee.

(3) Subject to subsection (9), where particulars in respect of a charge are
entered in the Register in accordance with subsection (2), the charge shall be
deemed to be registered, and to have been registered from and including the
time and date entered in the Register under that subsection.

(4) Where a notice in respect of a charge on property of a company is lodged
under section 263 or 264 (whether during or after the period within which the
notice was required to be lodged) and a document that accompanies that notice
has not been duly stamped as required by any applicable law relating to stamp
duty, the Commission shall cause to be entered in the Register the time and
date when the notice was lodged and the particulars referred to in paragraphs
(2) (a), (b), (c) and (d), but shall cause the word "provisional" to be
entered in the Register next to the entry specifying that time and date.

(5) Where:
(a) in accordance with subsection (4), the word "provisional" is entered in
the Register next to an entry specifying the time and date on which a notice
is respect of a charge was lodged; and

   (b)  within a period of 30 days after the notice was lodged, or within such
        further period as the Commission, if it considers it to be appropriate
        in a particular case, allows, evidence satisfactory to the Commission
        that the document has been duly stamped has been produced to the
        Commission; the
Commission shall delete the word "provisional" from the entry in the Register
relating to that charge, but if such evidence is not produced within the
period, or the further period, referred to in paragraph (b), the Commission
shall delete from the Register all the particulars that were entered in
relation to the charge.

(6) Where a document that purports to be a notice in respect of a charge on
property of a company for the purposes of section 263 or 264 is lodged
(whether during or after the period within which the notice was required to be
lodged) and the document contains the name of the company concerned and the
particulars referred to in subparagraph 263 (1) (a) (vii) or (viii), as the
case requires, but does not contain some or all of the other particulars that
are required to be included in the notice or is otherwise defective:

   (a)  the Commission shall cause to be entered in the Register the time and
        date when the document was lodged and such of the particulars referred
        to in paragraphs (2) (a), (b), (c) and (d) as are ascertainable from
        the document,
but shall cause the word "provisional" to be entered in the Register next to
the entry specifying that time and date; and

   (b)  the Commission shall, by notice in writing to the person who lodged
        the document, direct the person to ensure that there is lodged, on or
        before the day specified in the notice, a notice in relation to the
        charge that complies with the requirements of section 263 or 264, as
        the case may be, but the giving by the Commission of a direction to
        the person under this paragraph does not affect any liability that the
        company may have incurred or may incur by reason of a contravention of
        section 263 or 264.

(7) Where the Commission gives a direction to a person under paragraph (6) (b)
in relation to a charge:

   (a)  if the direction is complied with on or before the day specified in
        the notice containing the direction, the Commission shall:
      (i)  delete from the Register the word "provisional" that was inserted
pursuant to paragraph (6) (a); and

        (ii)   cause to be entered in the Register in relation to the charge
               any particulars referred to in subsection (2) that have not
               previously been entered; (b) if the direction is not complied
               with on or before that day-the Commission shall delete from the
               Register all the particulars that were entered in relation to
               the charge; and

   (c)  if the direction is complied with after that day-the Commission shall
        cause to be entered in the Register in relation to the charge the time
        at which and day on which the direction was complied with and the
        particulars referred to in paragraphs (2) (a), (b), (c) and (d).

(8) The Commission may enter in the Register in relation to a charge, in
addition to the particulars expressly required by this section to be entered,
such other particulars as the Commission thinks fit.
(9) If the word "provisional" is entered in the Register next to an entry
specifying a time and day in relation to a charge, the charge shall be deemed
not to have been registered but:
(a) where the word "provisional" is deleted from the Register pursuant to
subsection (5) or paragraph (7) (a)-the charge shall be deemed to be
registered and to have been registered from and including the time and day
specified in the Register pursuant to subsection (4) or paragraph (6) (a), as
the case may be; or (b) where the particulars in relation to the charge are
deleted from the Register pursuant to paragraph (7) (b) and those particulars
and a time and day are subsequently entered in the Register in relation to the
charge pursuant to paragraph (7) (c)-the charge shall be deemed to be
registered from and including that last-mentioned time and day.

(10) Where, pursuant to subsection 263 (3), a registrable body lodges notices
relating to 2 or more charges on the same property of the registrable body,
the time and day that shall be entered in the Register in relation to each of
those charges are the time and day when the first notice was lodged.

(11) Where, in accordance with subsection (10), the time and day that are
entered in the Register are the same in relation to 2 or more charges on
property of a registrable body, those charges shall, as between themselves,
have the respective priorities that they would have had if they had not been
registered under this Division.

(12) Where, pursuant to section 264, a company lodges notices relating to 2 or
more charges on the same property acquired by the company (being charges that
are not already registered under this Division), the time and day that shall
be entered in the Register in relation to each of those charges are the time
and day when the first notice was lodged.

(13) Where, in accordance with subsection (12), the time and day that are
entered in the Register are the same in relation to 2 or more charges on
property acquired by a company, those charges shall, as between themselves,
have the respective priorities that they would have had if they had not been
registered under this Division.

(14) Where a notice is lodged under section 268 (whether during or after the
period within which it was required to be lodged), the Commission shall as
soon as practicable cause to be entered in the Register the time and day when
the notice was so lodged and the particulars set out in the notice.