Queensland Numbered Acts

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PERSONAL PROPERTY SECURITIES (ANCILLARY PROVISIONS) ACT 2010 No. 44 - SECT 206

206 Amendment of s 19 (Disposal of specimens accepted by the board)

Section 19(7) and (8)--

omit, insert--

'(7) If the board sells the specimen, the proceeds of sale must be applied in the following order--

(a) in payment of the reasonable expenses incurred in storing and selling the specimen;
(b) if there is an amount owing to an entity under a security interest registered for the specimen under the Personal Property Securities Act 2009 (Cwlth)--in payment of the amount owing under the security interest;
(c) the balance--
(i) must be held by the board for the person for at least 1 year after the sale; and
(ii) if the person does not claim the proceeds of sale within 1 year after the sale--may be used by the board in performing its functions.'.


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