Priority of registered security interests in access licences and holdings in access licences
4 Priority of registered security interests in access licences and holdings in access licences
Except as provided by clause 19 of Schedule 10, an earlier registered security interest has priority, for all purposes, over a later registered security interest.
Subclause (1) is declared to be a Corporations legislation displacement provision for the purposes of section 5G of the Corporations Act 2001 of the Commonwealth in relation to the provisions of Chapters 2K and 5 of that Act.
Note.
Subclause (2) ensures that the priorities established by subclause (1) are not over-ridden by the provisions of the Corporations Act 2001 with respect to the distribution of assets of a corporation that is being wound up under that Act.
For the purposes of this Act, a person is not taken to hold an interest in an access licence or a holding in an access licence held by a corporation merely because the person is a shareholder in the corporation.
This Act’s bill:Explanatory memorandumSecond reading speech
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