Motor Vehicles Securities Act Amendment Act 1986 (Qld)

626 ®®u een5lrnlb ANNO TRICESIMO QUINTO ELIZABETHAE SECUNDAE REGINAE No. 38 of 1986 An Act to amend the Motor VehiclesSecuritiesAct 1986 in certain particulars [ASSENTED TO 15TH SEPTEMBER, 1986]

Motor Vehicles Securities Act Amendment Act 1986, No. 38 627 BE IT ENACTED by the Queen' s Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled , and by the authority of the same, as follows:- 1. Short title . This Act may be cited as the Motor Vehicles Securities Act Amendment Act 1986. 2. Commencement . (1) Sections 1 and 4 and this section shall commence on the date on which this Act is assented to for and on behalf of Her Majesty. (2) Except as provided by subsection (1), the provisions of this Act shall commence on a date appointed by Proclamation. 3. Citation as amended . (1) In this Act the Motor Vehicles SecuritiesAct 1986 is referred to as the Principal Act. (2) The Principal Act as amended by this Act may be cited as the Motor Vehicles Securities Act 1986. 4. Amendment of s. 3 . Transitional provisions . Section 3 of the Principal Act is amended by inserting after subsection (4) the following subsections:- "(4A) Upon application in a form approved by the Registrar made before the commencement of section 7 and production of a schedule of existing instruments in a form approved by the Registrar completed in duplicate in the form of a statutory declaration, the Registrar shall register each instrument specified in the schedule which registration shall be effective as from the commencement of section 7, by- (a) entering in the register the particulars prescribed by section 6 in respect of the instrument; (b) endorsing on each copy of the schedule of existing instruments in the prescribed form, and authenticated by the seal of the Registrar, a certificate of registration stating that registration is effective from the commencement of section 7; and (c) endorsing on each copy of the schedule of existing instruments a separate registration number of each instrument specified therein. The schedule of existing instruments shall include particulars of where or in whose custody each instrument referred to therein is or is to be kept. (4B) Each instrument registered pursuant to subsection (4A) shall be taken to have been registered on the day upon which section 7 commences and shall take priority as against other instruments registered pursuant to subsection (4A) according to time of execution of the instruments. (4C) After the commencement of section 7 the provisions of this Act relating to instruments registered pursuant to section

628 Motor Vehicles Securities Act Amendment Act 1986, No. 38 7 (IA) shall apply to instruments registered pursuant to this section and for that purpose a schedule of existing instruments shall be taken to be a schedule of instruments under that section. (4D) Notwithstanding subsection (4A), the Registrar shall not register an instrument if he is not satisfied that the schedule of existing instruments sufficiently discloses all the particulars required to be recorded on the register in accordance with subsection (4A).". 5. Amendment of s. 6. Register . Section 6 of the Principal Act is amended by inserting in paragraph (b) after the word "instrument" the words "or, where the application for registration is accompanied by a schedule of instruments endorsed by the Registrar on the schedule in respect of that instrument". 6. New s. 6A. The Principal Act is amended by inserting after section 6 the following section:- "6A Approval of standard forms of instruments . (1) The Minister may from to time approve one or more forms which may be used as instruments or as an assignment of a registered instrument. (2) The Registrar shall allocate to each form approved by the Minister an identifying number and shall keep a copy of that form. (3) Save where this Act specifically so requires., nothing in this section shall prevent the use of any other form of an instrument or of an assignment of an instrument.". 7. Amendment of s. 7. Registration of instruments . Section 7 of the Principal Act is amended by- (a) inserting after subsection (1) the following subsections:- "(IA) Upon application in the prescribed form and production of a schedule of instruments in the prescribed form completed in duplicate in the form of a statutory declaration and upon compliance with the provisions of this Act, the Registrar shall register each instrument specified in the schedule of instruments by- (a) entering in the register the particulars prescribed by section 6 in respect of the instrument; (b) endorsing on each copy of the schedule of instruments in the prescribed form, and authenticated by the seal of the Registrar, a certificate of registration stating the time and date of the lodgment of the schedule for registration of the instruments specified therein; and (c) endorsing on each copy of the schedule of instruments a separate registration number of each instrument specified therein.

Motor Vehicles Securities Act Amendment Act 1986, No. 38 629 (1 B) An instrument shall not be specified in a schedule of instruments referred to in subsection (IA) unless it is in a form approved pursuant to section 6A and has not been altered or added to except as may be authorized by that approval. (1C) The schedule of instruments referred to in subsection (1A) shall include particulars of where or in whose custody each instrument referred to therein is or is to be kept."; (b) inserting in subsection (2) after the words "the instrument" the words ", or, as the case may be, the schedule of instruments produced pursuant to subsection (IA),"; (c) omitting from subsection (3) the word "One" and substituting the words "Where the instrument is lodged with the Registrar for registration, one"; (d) inserting after subsection (3) the following subsection:- "(3A) Where a schedule of instruments referred to in subsection (IA) is lodged with the Registrar, one copy of the schedule shall be filed in the office of the Registrar and the other copy shall be delivered to the person entitled thereto."; (e) inserting in subsection (4) after the word "they" the words ", or the schedules of instruments referred to in subsection (1A),". 8. Amendment of s. 8. Assignment of a registered instrument . Section 8 of the Principal Act is amended by- (a) in subsection (2)- (i) inserting after the words "the instrument" where they firstly occur the words "and, if the instrument has not previously been produced to the Registrar for registration, the original of that instrument"; (ii) adding after the last paragraph the following paragraph:- "Where the original of the instrument to which the document of assignment relates had not previously been produced to the Registrar for registration, the Registrar shall make the endorsements prescribed by section 7 (1) (b) in respect of that instrument before registering the assignment pursuant to this subsection."; (b) inserting after subsection (2) the following subsections:- "(2A) Upon application in the prescribed form and production of a schedule of assignments in the prescribed form completed in duplicate in the form of a statutory declaration, accompanied by the duplicate schedules of instruments upon which have been endorsed pursuant to section 7 the registration numbers of each registered instrument the subject of the assignment and upon compliance with the provisions of this Act, the Registrar shall

630 Motor Vehicles Securities Act Amendment Act 1986, No. 38 register each assignment recorded in the schedule of assignments by- (a) entering in the register particulars of the parties to the assignment of the instrument; (b) endorsing on each copy of the schedule of assignments in the prescribed form, and authenticated by the seal of the Registrar, a certificate of registration stating the registration number of each instrument to which the schedule of assignments relates and the time and date of the lodgment of the schedule of assignments for registration; and (c) endorsing on the original and duplicate of the schedules of instruments upon which pursuant to section 7 are endorsed the registration numbers of the registered instruments the subject of the assignment the fact of the registration of the assignment. (2B) An assignment of a registered instrument shall not be specified in a schedule of assignments referred to in subsection (2A) unless it is in a form approved pursuant to section 6A and has not been altered or added to except as may be authorized by that approval. (2C) The schedule of assignments referred to in subsection (2A) shall include particulars of where or in whose custody each instrument assigned and the document of the assignment are or are to be kept."; (c) omitting from subsection (3) the word "One" and substituting the words "Where a document of assignment is lodged with the Registrar for registration, one"; (d) inserting after subsection (3) the following subsections:- "(3A) Where a schedule of assignments referred to in subsection (2A) is lodged with the Registrar, one copy of the schedule shall be filed in the office of the Registrar and the other copy shall be delivered to the person entitled thereto. (3B) A duplicate schedule of instruments upon which have been endorsed pursuant to section 7 the registration numbers of instruments shall upon registration of the assignment of any of those instruments be delivered to the original holder of those interests except where the original holder has ceased to hold any interest in which case the duplicate schedule shall be filed in the office of the Registrar."; (e) inserting in subsection (4) after the word "they" the words or the schedules of assignments referred to in subsection (2A),".

Motor Vehicles Securities Act Amendment Act 1986, No. 38 631 9. Repeal of and new s. 9. Exception to order of registration. The Principal Act is amended by repealing section 9 and substituting the following section:- "9. Exception to order of registration . (1) Notwithstanding section 8 (4), where applications are made for the registration of assignments of a registered instrument then, unless the Registrar has dispensed with the production of the duplicate of the registered instrument or of the duplicate of the relevant schedule, the Registrar shall first register the assignment that is, or, where particulars of the assignment are set out in a schedule of assignments , the schedule of assignments is, accompanied by the duplicate of the registered instrument or the duplicate of the relevant schedule. (2) For the purposes of subsection (1)- "duplicate of the registered instrument" means the duplicate of the instrument on which has been endorsed pursuant to section 7 the registration number of that instrument; "relevant schedule" in respect of an assignment of a registered instrument means- (a) the schedule of instruments upon which pursuant to section 7; or (b) the schedule of assignments upon which pursuant to section 8, has been endorsed the registration number of that instrument.". 10. Amendment of s. 14 . Registration of discharge of security interest . Section 14 of the Principal Act is amended by- (a) inserting after subsection (1) the following subsection:- "(IA) Upon application in the prescribed form and production of a schedule of satisfaction in the prescribed form completed in the form of a statutory declaration, executed by or on behalf of the person who holds the security interests specified in the schedule of satisfaction, accompanied by the duplicate relevant schedules and upon compliance with the provisions of this Act, the Registrar shall register the discharge of each security interest to the extent recorded in the schedule of satisfaction by- (a) entering in the register a notation that each security interest is discharged wholly or to the extent indicated in the schedule of satisfaction; (b) endorsing on the schedule of satisfaction in the prescribed form, and authenticated by the seal.of the Registrar, a certificate of registration of the discharge; and (c) endorsing on the original and duplicate of the relevant schedules the fact of the registration of the discharge.

632 Motor Vehicles Securities Act Amendment Act 1986, No. 38 For the purposes of this section, "relevant schedules", in respect of a schedule of satisfaction means- (a) the schedules of instruments upon which pursuant to section 7; or (b) the schedules of assignments upon which pursuant to section 8, have been endorsed the registration numbers of the instruments referred to in the schedule of satisfaction."; (b) inserting in subsection (2) after the words "of satisfaction" the words "or a schedule of satisfaction"; (c) inserting in subsection (3) after the words "of satisfaction" the words "or the schedule of satisfaction"; (d) inserting after subsection (3) the following subsection:- "(3A) A duplicate relevant schedule shall upon registration of the discharge of an instrument be delivered to the person to whom it was originally delivered except where that person has ceased to hold any interest specified in the schedule whereupon the duplicate schedule shall be filed in the office of the Registrar.". 11. Amendment of s. 15. Dispensing with production of duplicate instrument etc. Section 15 of the Principal Act is amended by- (a) in subsection (1)- (i) omitting the words "or a memorandum of satisfaction" and substituting the words ", a schedule of assignments, a memorandum of satisfaction or a schedule of satisfaction"; (ii) inserting after the words "a duplicate of a registered instrument" the words "or of a schedule of instruments or of a schedule of assignments"; (iii) inserting after the words "no other assignment of the" the word "relevant"; (iv) at the end of the subsection after the word "instrument" inserting the words", the schedule of instruments or, as the case may be, schedule of assignments"; (b) in subsection (2)- (i) omitting the words "is dispensed with the provisions of section 8 (2) (c) or 14 (1) (d)" and substituting the words "a schedule of instruments or a schedule of assignments is dispensed with the applicable provisions of section 8 (2) (c) or (2A) (c) or 14 (1) (d) or (1A) (c)"; (ii) inserting at the end of the section after the word "instrument" the words ", original schedule of instruments or, as the case may be, original schedule of assignments".

Motor Vehicles Securities Act Amendment Act 1986, No. 38 633 12. Amendment of s. 16 . Registration fees. Section 16 of the Principal Act is amended by designating the section as subsection (1) and adding after that subsection the following subsection:- "(2) A person who lodges a schedule of instruments, a schedule of assignments or a schedule of satisfaction with the Registrar for registration of the instruments, assignments of instruments or discharge of instruments shall, at the prescribed time or within the prescribed period pay the prescribed fee (if any) payable for the registration which fee shall be determined according to the number of instruments specified in the relevant schedule.". 13. Amendment of s. 17. Onus to cancel registration of instrument upon discharge . Section 17 of the Principal Act is amended by inserting after the words "memorandum of satisfaction" the words "or a schedule of satisfaction". 14. Amendment of s. 19 . Correction of errors . Section 19 of the Principal Act is amended by inserting after the word "document" and after the word "memorandum" the words "or schedule" in each case. 15. Amendment of s. 21 . False or misleading statements . Section 21 of the Principal Act is amended by omitting the words "or memorandum" and substituting the words ", memorandum or schedule". 16. Amendment of s. 28 . Compensation for loss etc . by holder of security interest . Section 28 of the Principal Act is amended by inserting in subsection (1) (a) after the word "lodged" the words "or is specified in a schedule of instruments that has been lodged". 17. Amendment of s. 37. Evidentiary provisions . Section 37 of the Principal Act is amended by inserting in subsection (1) (b) after the word "original" where it firstly occurs the words "or, in the case of a document purporting to be a duplicate of a schedule of instruments or of a schedule of assignments, shall be evidence of the registration of the instruments or, as the case may be, the assignment of the instruments specified therein". 18. Repeal of and new s. 38 . Regulations . The Principal Act is amended by repealing section 38 and substituting the following section:- "38. Regulations . The Governor in Council may make regulations not inconsistent with this Act providing with respect to- (a) all matters that are required or permitted by this Act to be prescribed; (b) all matters that in his opinion are necessary or convenient for the proper administration of this Act; (c) all matters that in his opinion are necessary or convenient to be prescribed to achieve the objects and purposes of this Act.".

634 Motor Vehicles Securities Act Amendment Act 1986, No. 38 190 New s . 39. The Principal Act is amended by adding after section 38 the following section.- "39. Recognized States . (1) The Governor in Council- (a) if he is satisfied that in another State or territory, the law for the registration of security interests is such as to enable reciprocal arrangements to be made with this State in relation to the recording and dissemination of information as to security interests registered in that State and this State, may, by Order in Council, declare that other State or territory to be a recognized State; and (b) may, by Order in Council, vary or revoke a declaration under paragraph (a). (2) Upon registration of a security interest with the person authorized by the law of a recognized State to register security interests and for so long as that registration remains current, the provisions of sections 13 (b) and 22 apply as if the instrument evidencing the security interest had been registered under this Act and that registration had taken effect.".