Document ID: chunk:federal_register_of_legislation:C2013C00609:clause:1_29
Version: federal_register_of_legislation:C2013C00609
Segment Type: clause
Provision Reference: sch 1 cl 29
Character Range: 24066–24660

29  Subsection 420B(1)
Repeal the subsection, substitute:
 (1) On the application of a managing controller of property of a corporation, the Court may by order authorise the controller to sell, or to dispose of in some other specified way, specified property of the corporation, even though it is subject to a security interest (the prior security interest) that has priority over a security interest (the controller's security interest) in that property that the controller is enforcing.
Note: The heading to section 420B is altered by omitting "charge" and substituting "security interest".