Page 272 - Week 01 - Thursday, 11 February 2010
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transfer of responsibility to the commonwealth. Specifically, the amendment allows the commission to make a compulsory determination in relation to the transfer of estate assets from a trustee company whose licence has been cancelled.
In order to make that determination, ASIC must be satisfied that the particular requirements contained in the Corporations Act 2001—Commonwealth—have been enacted in the state or territory in which the companies are situated. Accordingly, this bill introduces amendments to meet these requirements.
Finally, the amendments contained in this bill to the Wills Act 1968 implement the Standing Committee of Attorneys-General initiative to introduce statutory wills provisions. The amendments give the Supreme Court the power to make an order authorising a will to be made, altered or revoked for a person who does not have a testamentary capacity. This amendment is intended to avoid circumstances in which a person may not benefit due to the laws of intestacy and testamentary capacity and is consistent with statutory wills provisions in other jurisdictions.
Mrs Dunne: I can hardly wait for that!
MR CORBELL: I know that members look forward to debate on this bill with much interest and I commend the bill to the Assembly.
Debate (on motion by Mrs Dunne) adjourned to the next sitting.
Personal Property Securities Bill 2010
Mr Corbell, pursuant to notice, presented the bill, its explanatory statement and a Human Rights Act compatibility statement.
Title read by Clerk.
MR CORBELL (Molonglo—Attorney-General, Minister for the Environment, Climate Change and Water, Minister for Energy and Minister for Police and Emergency Services) (10:15): I move:
That this bill be agreed to in principle.
The Personal Property Securities Bill 2010 seeks to amend territory legislation consequential to the introduction of the new national personal property securities law, or PPS, as it is known.
Personal property securities are agreements that use personal property, such as an automobile, to secure payments or performance of an obligation. The national PPS scheme is a result of a review of PPS laws by the Standing Committee of Attorneys-General. The review proposed a uniform scheme for PPS to be implemented by commonwealth legislation with the referral of powers from the states.
The referral of powers and the establishment of a national scheme were implemented by the intergovernmental agreement on personal property securities to which the commonwealth and all states and territories are party.
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