Expiry of registered security interests
19 Expiry of registered security interests
Unless discharged at an earlier time, the registration of a security interest under Schedule 4 of the Act expires at the end of the period of 15 years from the date of its registration (subject to any extension under this regulation).
The parties to a security interest registered under
Schedule 4 may apply to the Minister to extend the period of registration of a security interest.
An application under subregulation (2)—
must be made not later than 14 business days before the expiration of the period of the registration; and
must be in a form determined by the Minister; and
must be accompanied by the prescribed fee.
The Minister may, on application under this regulation, extend the period of registration of a security interest for a further period of
7 years (and any such period may be extended from time to time by further applications under this regulation).
If an application for the extension of a registration is not decided before the date of expiry or if the Minister, on application under this regulation or on the Minister's own motion, in the Minister's discretion, extends the time by which an application for an extension must be made, the registration continues in operation until the application is decided and, if the registration is extended, the extension dates from the time on which the registration would, but for this subregulation, have expired.
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