THE CORPORATIONS LAW

CHAPTER 2K - CHARGES

PART 2K.1 - PRELIMINARY

SECTION 261   INTERPRETATION AND APPLICATION  

261(1)  [Definitions]  

In this Chapter, unless the contrary intention appears:

``company'' (Omitted by No 201 of 1991, Sch 4 (effective 1 January 1991).)

``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)  authorising or purporting to authorise, 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;

``property'' , in relation to a company, means property:

(a)  in the case of a registrable Australian body - within this jurisdiction; or

(b)  in the case of a foreign company - within Australia or an external Territory*; or

(c)  otherwise - within or outside Australia;

held by the company, whether or not as trustee;

``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 Australian Register of Company Charges referred to in section 265;

``registrable charge'' means a charge in relation to which, by virtue of section 262, the provisions of this Chapter mentioned in subsection 262(1) apply.

261(2)  [Certain charges not treated as registrable]  

A charge referred to in subsection 263(3) or section 264 shall, until the charge is registered, be treated for the purposes of this Chapter 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.

261(3)  [Effect of registration]  

The registration of a charge referred to in subsection 263(3) or section 264 does not prejudice any priority that would have been accorded to the charge under any other law (whether an Australian law or not) if the charge had not been registered.

261(4)  [Lodgment of notices or documents]  

For the purposes of this Chapter, a notice or other document shall be taken to be lodged when it is received at an office of the Commission (in this jurisdiction or elsewhere) by an officer authorised to receive it.