Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 199

Division 9-Registration of Charges

199. (1) In this Division and in Schedule 5, unless the contrary intention
appears-

''document of title'' means a document-

   (a)  used in the ordinary course of business as proof of possession or
        control, or of the right to possession or control, of property other
        than land; or

   (b)  authorizing or purporting to authorize, whether by endorsement or
        delivery, the possessor of the document to transfer or receive
        property other than land,

and includes-

   (c)  a bill of lading;

   (d)  a warehousekeeper's certificate;

   (e)  a wharfinger's certificate;

   (f)  a warrant or order for the delivery of goods; and

   (g)  a document that is, or evidences title to, a marketable security;

''present liability'', in relation to a charge, means a liability that has
arisen, being a liability the extent or amount of which is fixed or capable of
being ascertained, whether or not the liability is immediately due to be met;

''prospective liability'', in relation to a charge, means any liability that
may arise in the future, or any other liability, but does not include a
present liability;

''Register'' means the Register of Company Charges referred to in section 203;

''registrable charge'' means a charge to and in relation to which, by virtue
of section 200, the provisions of this Division mentioned in sub-section 200
(1) apply.

(2) In this Division and in Schedule 5, unless the contrary intention appears,
a reference to property of a company includes a reference to property held by
the company as trustee.

(3) A charge referred to in sub-section 201 (3) or (4) or section 202 shall,
until the charge is registered, be treated for the purposes of this Division
and Schedule 5 as if it were not a registrable charge but, when the charge is
so registered, it has the priority accorded to a registered charge as from the
time of registration.

(4) The registration of a charge referred to in sub-section 201 (3) or (4) or
section 202 does not prejudice any priority that would have been accorded to
the charge under any other law if the charge had not been registered.

(5) For the purposes of this Division and of Schedule 5, a notice or other
document shall be taken to be lodged with the Commission when it is received
at an office of the Commission by an officer authorized to receive it.

(6) A reference in this Division and in Schedule 5 to a company includes a
reference to a registered foreign company.

(7) A reference in this Division and in Schedule 5 to a charge on property of
a company shall, in the case of a company other than a foreign company, be
construed as a reference to a charge on property of the company, whether
within or outside Australia.

(8) A reference in this Division and in Schedule 5 to a charge on property of
a company shall, in the case of a foreign company formed within Australia, be
construed as a reference to a charge on property in the Territory of the
foreign company.

(9) A reference in this Division and in Schedule 5 to a charge on property of
a company shall, in the case of a foreign company formed outside Australia, be
construed as a reference to a charge on property in Australia of the
foreign company.
(10) For the purposes of this section, ''Australia'' includes the external
Territories.