Personal Property Securities Regulations 2010

For paragraph 13(2)(d) of the Act, a lease or bailment is not a PPS lease if it is part of a pooling arrangement.

In subregulation (1):

goods are pooled for the collective use, from time to time, of the parties to one or more hire, lease or bailment arrangements; and

none of the hire, lease or bailment arrangements, in substance, secures payment or performance of an obligation; and

possession of the goods can be passed between multiple users, without the prior approval of the owner, whether or not the goods are passed subject to conditions; and

like goods that are, by nature or usage of trade, the equivalent of the goods hired, leased or bailed under one of the hire, lease or bailment arrangements can be returned, in place of the goods originally hired, leased or bailed.