Victorian Consolidated Legislation

Chattel Securities Act 1987 - SECT 23

Corporation may cancel registration

23. Corporation may cancel registration



(1) If a person is registered under section 16 as the holder of a security
interest in respect of registrable goods and it appears to the Corporation
that any of the circumstances specified in subsection (1A) apply, the
Corporation may by notice in writing given to that person require that person
to show cause within the period specified in the notice, being not less than
14 days after the notice is given, why the registration should not be
cancelled.

(1A) The circumstances are-

   (a)  the person was not the holder of such a security interest when the
        application for registration was made;

   (b)  the security interest has been discharged or extinguished and the
        person has failed to comply with section 19;

   (c)  a period of 7 years has elapsed since the security interest was last
        registered;

   (d)  the expiry date as nominated by the applicant on the initial
        application or as subsequently varied has elapsed;

   (e)  the person has failed to respond to a notice under section 22A;

   (f)  the person has failed to provide any information requested by notice
        in writing by the Corporation so as to enable the Corporation to
        discharge its functions under the Act within the time specified in the
        notice.

(2) If a person fails to show cause as required by a notice under subsection
(1), the Corporation, in its discretion, may cancel the registration of the
person and must note in the register the date on which, and time at which, the
registration was cancelled.

(3) For the purposes of subsection (1), a notice shall be deemed to have been
given to a person when it is posted by prepaid post to the person at the
person's address shown in the register.