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Statutes of Newfoundland 1991


CHAPTER 50

AN ACT TO AMEND THE ASSIGNMENT OF BOOK DEBTS ACT, THE BILLS OF SALE ACT, THE CONDITIONAL SALES ACT AND THE
REGISTRATION OF DEEDS ACT IN RELATION TO THE OFFSHORE AREA

(Assented to December 11, 1991)

Analysis

1. Short title

PART I
THE ASSIGNMENT OF BOOK DEBTS ACT

2. (1) S.2 Amdt.
Interpretation
(2) S.3 Amdt.
Application
(3) S.4 Amdt.
Requirements as to assignment

PART II
THE BILLS OF SALE ACT

3. (1) S.2 Amdt.

Interpretation
(2) S.7 Amdt.

Registration
(3) S.12 Amdt.

Removal of chattels

PART III
THE CONDITIONAL SALES ACT

4. (1) S.2 Amdt.
Interpretation
(2) S.4 Amdt.
Contents of documents

PART IV
THE REGISTRATION OF DEEDS ACT

5. (1) S.2 Amdt.
Registry
(2) S.6 Amdt.
Registration
(3) S.33 Amdt.
(4) Registration of conveyances of personalty

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:


Short title

1. This Act may be cited as the Security Interest Registration Act.

PART I
THE ASSIGNMENT OF BOOK DEBTS ACT

RSN 1970 c.15
as amended

2. (1) Section 2 of The Assignment of Book Debts Act is amended by adding immediately after paragraph (e) the following:

(e.1) "offshore area" means offshore area as defined in the Hibernia Development Project Act (Canada);

(2) Paragraph 3(a) of the Act is repealed and the following substituted:

(a) an assignment of book debts, whether by way of specific or floating charge, made by a corporation or partnership of corporations engaged in a trade or business within the province or the offshore area and contained

(i) in a trust deed or other instrument to secure bonds, debentures, or debenture stock of the corporation or partnership of corporations or of another corporation or partnership of corporations,

(ii) in bonds, debentures or debenture stock of the corporation or partnership of corporations as well as in the trust deed or other instrument securing them, or in a trust deed or other instrument securing bonds, debentures or debenture stock of another corporation or partnership of corporations, or

(iii) in bonds, debentures or debenture stock or a series of bonds or debentures of the corporation or partnership of corporations not secured by a separate instrument;

(3) Subsection 4(1) of the Act is amended by striking out the words "trade or business in Newfoundland" and by substituting the words "trade or business in the province and the offshore area".

PART II
THE BILLS OF SALE ACT

RSN 1970 c.21
as amended

3. (1) Section 2 of The Bills of Sale Act is amended

(a) by repealing subparagraph (h)(i) and by substituting the following:

(i) a specific or floating mortgage or charge of chattels created by a corporation or partnership of corporations and contained in a trust deed or other instrument to secure bonds, debentures or debenture stock of the corporation or partnership of corporations or of another corporation or partnership of corporations, or contained in bonds, debentures or debenture stock of the corporation or partnership of corporations as well as in the trust deed or other instrument securing the bonds, debentures or debenture stock of the corporation or partnership of corporations, or in a trust deed or other instrument securing bonds, debentures or debenture stock of another corporation or partnership of corporation or contained in bonds, debentures or debenture stock or a series of bonds or debentures of the corporation or partnership of corporations, not secured by a separate instrument; and

(b) by adding immediately after paragraph (i) the following:

(i) "offshore area" means offshore area as defined in the Hibernia Development Project Act (Canada);

(2) Section 7 of the Act is amended by adding immediately after subsection (1) the following:

(1.1) Registration of a bill of sale in relation to a chattel situated in the offshore area shall be effected in accordance with the provisions of this Act.

(3) Section 12 of the Act is amended by striking out the words "outside the province are brought into the province" and by substituting the words "outside the province or the offshore area are brought into the province or the offshore area".

PART III
THE CONDITIONAL SALES ACT

RSN 1970 c.56
as amended

4. (1) Section 2 of The Conditional Sales Act is amended by adding immediately after paragraph (i) the following:

(i.1) "province" includes the offshore area;

(i.2) "offshore area" means offshore area as defined in the Hibernia Development Project Act (Canada);

(2) Section 4 of the Act is amended by adding immediately after subsection (1) the following:

(1.1) Registration of a conditional sale in relation to goods situated in the offshore area shall be effected in accordance with the provisions of this Act.

PART IV
THE REGISTRATION OF DEEDS ACT

RSN 1970 c.328
as amended

5. (1) Section 2 of The Registration of Deeds Act is amended by renumbering section 2 as subsection 2(1) and by adding immediately after subsection (1) the following:

(2) The reference to "province" in subsection (1) includes the offshore area as defined in the Hibernia Development Project Act (Canada).

(2) Section 6 of the Act is amended by adding immediately after subsection (3) the following:

(4) Registration of the documents referred to in subsection (1) in relation to the offshore area shall be effected in accordance with the provisions of this Act.

(5) In this section "offshore area" means offshore area as defined in the Hibernia Development Project Area (Canada).

(3) Subsection 33(1) of the Act is amended by striking out the words "in this province" in the 1st line and by substituting the words "in this province or the offshore area".

(4) Subsection 33(2) of the Act is repealed and the following substituted:

(2) The following documents shall, on payment of the fee applicable to a mortgage and on proof and deposit for registration, be registered in accordance with this Act and unless so registered is void as against a liquidator and a creditor of the corporation or another person:

(a) a mortgage or charge for the purpose of securing an issue of debentures of a corporation or partnership of corporations;

(b) a mortgage or charge on uncalled capital of a corporation;

(c) a floating charge on the undertaking or property of a person or partnership; and

(d) a specific or floating mortgage or charge of chattels created by a corporation or partnership of corporations and

(i) contained in a trust deed or other instrument to secure bonds, debentures or debenture stock of the corporation or partnership of corporations,

(ii) in bonds, debentures or debenture stock of the corporation or partnership of corporations as well as in the trust deed or other instrument securing either of them,

(iii) in a trust deed or other instrument securing bonds, debentures or debenture stock of another corporation or partnership of corporations, or

(iv) in bonds, debentures or debenture stock or a series of bonds or debentures of the corporation or partnership of corporations not secured by a separate instrument.

(3) In this section "offshore area" means offshore area as defined in the Hibernia Development Project Act (Canada).

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