Document ID: chunk:federal_register_of_legislation:C2024C00719:section:304
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 304
Character Range: 459393–460814

304  Guide to this Chapter

      This Chapter deals with the way this Act will apply when the positive rules established by this Act begin to operate. It also provides for some other matters that will have less relevance over time (fixed and floating charges, in Part 9.5), or a once‑only application (the review in Part 9.6).
      Part 9.2 defines key concepts for the Chapter.
      Part 9.3 deals with the initial application of this Act. Generally speaking, the Act starts to apply at the registration commencement time, which is 1 February 2012 (the first day of the month that is 26 months after this Act was given the Royal Assent), or another time determined by the Minister.
      Part 9.4 contains provisions that relate to transitional security interests. These are interests in existence at the registration commencement time or arising afterwards under security agreements made before the registration commencement time.
      This includes rules about the attachment, perfection and priority of transitional security interests.
      Part 9.4 also deals with the migration of data from existing Commonwealth, State and Territory registers onto the Personal Property Securities Register.
      Part 9.5 contains specific rules relating to fixed and floating charges.
      Part 9.6 provides for an independent review of the operation of the Act 3 years after it starts to apply.

Part 9.2—Key concepts