Registration of security interests over access licences and holdings in access licences
3 Registration of security interests over access licences and holdings in access licences
A security holder may apply to the Minister in the approved form for the security interest to be recorded in the Access Register as a registered security interest.
The application must be accompanied—
by an instrument or instruments evidencing the security interest, and
by such other documents (if any) as the Minister may require, and
by such fee (if any) as is approved by the Minister.
Note.
This clause has a similar effect in relation to registration of security interests in access licences and holdings in access licences to the effect section 41 of the Real Property Act 1900 has in relation to registration of dealings in estates or interests in land.
The Minister must (unless any thing recorded in the Access Register prevents the registration of the security interest)—
register the security interest by recording in the Access Register the particulars of the name of the holder of the interest and a description of the interest, and
endorse on the instrument evidencing the security interest the fact of the entry having been made, together with the date and time of the making of the entry.
The Minister is to register the security interest without inquiring into, or being concerned with, the legal effect of the instrument evidencing it.
The Minister may, on application in the approved form by the holder of a registered security interest, remove the security interest from the Access Register or amend details recorded in relation to it.
The Minister may include in the Access Register such other information about a registered security interest as the Minister considers appropriate.
This Act’s bill:Explanatory memorandumSecond reading speech
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