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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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