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Personal Property Securities (Amendment) Act 2012

TONGA

PERSONAL PROPERTY SECURITIES (AMENDMENT) ACT 2012

Act No. 22 of 2012

Arrangement of Sections

Section

1 Short Title
2 Section 8 amended – Collateral and collateral description
3 Section 23 amended – Buyers of collateral
4 Section 24 amended – Lessees of goods and buildings

PERSONAL PROPERTY SECURITIES (AMENDMENT) ACT 2012
Act No. 22 of 2012

AN ACT TO AMEND THE PERSONAL PROPERTY SECURITIES ACT 2010

I assent,
TUPOU VI,
21st November 2012

BE IT ENACTED by the King and Legislative Assembly of Tonga in the Legislature of the Kingdom as follows:

1 Short Title

(1) This Act may be cited as the Personal Property Securities (Amendment) Act 2012.

(2) In this Act, the Personal Property Security Act 2010 is referred to as the Principal Act.

(3) This Act shall come into force on a day proclaimed by His Majesty in Council.

2 Section 8 amended – Collateral and collateral description

Section 8(2) is amended by inserting the following subsection —

"2A Where the collateral is a building, the land upon which the building is located must be described either by the book and folio or lease number assigned to the land by the Ministry of Lands, or by other means that the Registrar considers sufficient to allow the location of the land to be determined.".

3 Section 23 amended – Buyers of collateral

Section 23(4)(b)(ii) of the Principal Act is amended as follows:

(a) (i) in the English version only, insert the words "land upon which the" after the first occurrence of the word "the";

(ii) in the Tongan version only, insert the words "kelekele 'a ia na'e" after the first occurrence of the word "'a e":

(b) (i) in the English version only, insert the word "located was" after the first occurrence of the word "was";

(ii) in the Tongan version only, insert the words "tu'u ai 'a e" after the second occurrence of the word "na'e":

(c) after the first occurrence of the word "registry" insert a fullstop (.) and delete the remainder of this subsection.

4 Section 24 amended – Lessees of goods and buildings

Section 24(3)(b) of the Principal Act is amended as follows:

(a) (i) in the English version only, insert the words "land upon which the" after the first occurrence of the word "the";

(ii) in the Tongan version only, insert the words "kelekele 'a ia na'e" after the first occurrence of the word "'a e":

(b) (i) in the English version only, insert the word "located was" after the first occurrence of the word "was";

(ii) in the Tongan version only, insert the words "tu'u ai 'a e" after the second occurrence of the word "na'e":

(c) after the first occurrence of the word "registry" insert a fullstop (.) and delete the remainder of this subsection.

Passed by the Legislative Assembly on this 12th day of October 2012.