Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 279

279. (1) Subject to this section, sections 280 to 282, inclusive, have effect
with respect to the priorities, in relation to each other, of registrable
charges on the property of a company.

(2) The application, in relation to particular registrable charges, of the
order of priorities of charges set out in sections 280 to 282, inclusive, is
subject to:

   (a)  any consent (express or implied) that varies the priorities in
        relation to each other of those charges, being a consent given by the
        holder of one of those charges, being a charge that would otherwise be
        entitled to priority over the other charge; and

   (b)  any agreement between those chargees that affects the priorities in
        relation to each other of the charges in relation to which those
        persons are the chargees.

(3) The holder of a registered charge, being a floating charge, on property of
a company shall be deemed, for the purposes of subsection (2), to have
consented to that charge being postponed to a subsequent registered charge,
being a fixed charge that is created before the floating charge becomes fixed,
on any of that property unless:

   (a)  the creation of the subsequent registered charge contravened a
        provision of the instrument or resolution creating or evidencing the
        floating charge; and

   (b)  a notice in respect of the floating charge indicating the existence of
        the provision referred to in paragraph (a) was lodged with the
        Commission under section 263, 264 or 268 before the creation of the
        subsequent registered charge.

(4) Where a charge relates to property of a kind or kinds to which a
particular paragraph or paragraphs of subsection 262 (1) applies or apply and
also relates to other property, sections 280 to 282, inclusive, apply so as to
affect the priority of the charge only in so far as it relates to the
first-mentioned property and do not affect the priority of the charge in so
far as it relates to the other property.

(5) Sections 280 to 282, inclusive, do not apply so as to affect the operation
of:

   (a)  the Copyright Act 1968;

   (b)  the Designs Act 1906;

   (c)  the Life Insurance Act 1945;

   (d)  the Patents Act 1952; or

   (e)  the Trade Marks Act 1955.