Bill C-4

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First Session, Thirty-eighth Parliament,

53-54 Elizabeth II, 2004-2005

STATUTES OF CANADA 2005
CHAPTER 3

An Act to implement the Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment

ASSENTED TO

24th FEBRUARY, 2005

BILL C-4

Table of Contents

Table of Provisions

INCONSISTENT LAWS

REQUESTS FOR DECLARATIONS

AMENDMENTS TO CERTAIN ACTS

Bankruptcy and Insolvency Act

Companies’ Creditors Arrangement Act

Winding-up and Restructuring Act

COMING INTO FORCE

CONVENTION ON INTERNATIONAL INTERESTS IN MOBILE EQUIPMENT

SPHERE OF APPLICATION AND GENERAL PROVISIONS

The International Interest

Sphere of Application

Where Debtor Is Situated

Interpretation and Applicable Law

Relationship Between the Convention and the Protocol

CONSTITUTION OF AN INTERNATIONAL INTEREST

Formal Requirements

DEFAULT REMEDIES

Remedies of Chargee

Vesting of Object in Satisfaction; Redemption

Remedies of Conditional Seller or Lessor

Meaning of Default

Additional Remedies

Relief Pending Final Determination

Procedural Requirements

THE INTERNATIONAL REGISTRATION SYSTEM

The International Registry

The Supervisory Authority and the Registrar

OTHER MATTERS RELATING TO REGISTRATION

Registration Requirements

Validity and Time of Registration

Consent to Registration

Duration of Registration

List of Declarations and Declared Non-consensual Rights or Interests

Evidentiary Value of Certificates

Discharge of Registration

Access to the International Registration Facilities

PRIVILEGES AND IMMUNITIES OF THE SUPERVISORY AUTHORITY AND THE REGISTRAR

Legal Personality; Immunity

LIABILITY OF THE REGISTRAR

Liability and Financial Assurances

EFFECTS OF AN INTERNATIONAL INTEREST AS AGAINST THIRD PARTIES

Priority of Competing Interests

Effects of Insolvency

ASSIGNMENTS OF ASSOCIATED RIGHTS AND INTERNATIONAL INTERESTS; RIGHTS OF SUBROGATION

Effects of Assignment

Formal Requirements of Assignment

Debtor’s Duty to Assignee

Default Remedies in Respect of Assignment by Way of Security

Priority of Competing Assignments

Assignee’s Priority with Respect to Associated Rights

Effects of Assignor’s Insolvency

RIGHTS OR INTERESTS SUBJECT TO DECLARATIONS BY CONTRACTING STATES

Rights Having Priority Without Registration

Registrable Non-consensual Rights or Interests

APPLICATION OF THE CONVENTION TO SALES

Sale and Prospective Sale

Choice of Forum

Jurisdiction Under Article 13

Jurisdiction to Make Orders Against the Registrar

Jurisdiction in Respect of Insolvency Proceedings

RELATIONSHIP WITH OTHER CONVENTIONS

Relationship with the United Nations Convention on the Assignment of Receivables in International Trade

Relationship with the UNIDROIT Convention on International Financial Leasing

FINAL PROVISIONS

Signature, Ratification, Acceptance, Approval or Accession

Regional Economic Integration Organisations

Entry Into Force

Internal Transactions

Future Protocols

Territorial Units

Determination of Courts

Declarations Regarding Remedies

Declarations Regarding Relief Pending Final Determination

Reservations and Declarations

Subsequent Declarations

Withdrawal of Declarations

Transitional Provisions

Review Conferences, Amendments and Related Matters

Depositary and its Functions

PROTOCOL TO THE CONVENTION ON INTERNATIONAL INTERESTS IN MOBILE EQUIPMENT ON MATTERS SPECIFIC TO AIRCRAFT EQUIPMENT

SPHERE OF APPLICATION AND GENERAL PROVISIONS

Application of Convention as Regards Aircraft Objects

Application of Convention to Sales

Sphere of Application

Formalities, Effects and Registration of Contracts of Sale

Representative Capacities

Description of Aircraft Objects

DEFAULT REMEDIES, PRIORITIES AND ASSIGNMENTS

Modification of Default Remedies Provisions

Modification of Provisions Regarding Relief Pending Final Determination

Remedies on Insolvency

Insolvency Assistance

De-registration and Export Request Authorisation

Modification of Priority Provisions

Modification of Assignment Provisions

Debtor Provisions

REGISTRY PROVISIONS RELATING TO INTERNATIONAL INTERESTS IN AIRCRAFT OBJECTS

The Supervisory Authority and the Registrar

First Regulations

Designated Entry Points

Additional Modifications to Registry Provisions

Modification of Jurisdiction Provisions

Waivers of Sovereign Immunity

RELATIONSHIP WITH OTHER CONVENTIONS

Relationship with the Convention on the International Recognition of Rights in Aircraft

Relationship with the Convention for the Unification of Certain Rules Relating to the Precautionary Attachment of Aircraft

Relationship with the UNIDROIT Convention on International Financial Leasing

FINAL PROVISIONS

Signature, Ratification, Acceptance, Approval or Accession

Regional Economic Integration Organisations

Entry Into Force

Territorial Units

Declarations Relating to Certain Provisions

Declarations Under the Convention

Reservations and Declarations

Subsequent Declarations

Withdrawal of Declarations

Review Conferences, Amendments and Related Matters

Depositary and Its Functions

FORM OF IRREVOCABLE DE-REGISTRATION AND EXPORT REQUEST AUTHORISATION

Annex referred to in Article XIII

CONSOLIDATED TEXT OF THE CONVENTION ON INTERNATIONAL INTERESTS IN MOBILE EQUIPMENT AND THE PROTOCOL TO THE CONVENTION ON INTERNATIONAL INTERESTS IN MOBILE EQUIPMENT ON MATTERS SPECIFIC TO AIRCRAFT EQUIPMENT

SPHERE OF APPLICATION AND GENERAL PROVISIONS

The International Interest

Sphere of Application

Where Debtor Is Situated

Interpretation and Applicable Law

Application to Sale and Prospective Sale

Representative Capacities

Description of Aircraft Objects

CONSTITUTION OF AN INTERNATIONAL INTEREST; CONTRACTS OF SALE

Formal Requirements

Formalities and Effects of Contracts of Sale

DEFAULT REMEDIES

Remedies of Chargee

Vesting of Aircraft Object in Satisfaction; Redemption

Remedies of Conditional Seller or Lessor

Additional Remedies of Creditor

Additional Remedies Under Applicable Law

Meaning of Default

Debtor Provisions

Standard for Exercising Remedies

Relief Pending Final Determination

Procedural Requirements

Remedies on Insolvency

Insolvency Assistance

De-registration and Export Request Authorisation

THE INTERNATIONAL REGISTRATION SYSTEM

The International Registry

The Supervisory Authority

Designated Entry Points

Working Hours of the Registration Facilities

MODALITIES OF REGISTRATION

Registration Requirements

Validity and Time of Registration

Consent to Registration

Duration of Registration

List of Declarations and Declared Non-consensual Rights or Interests

Evidentiary Value of Certificates

Discharge of Registration

Access to the International Registration Facilities

PRIVILEGES AND IMMUNITIES OF THE SUPERVISORY AUTHORITY AND THE REGISTRAR

Legal Personality; Immunity

LIABILITY OF THE REGISTRAR

Liability and Financial Assurances

EFFECTS OF AN INTERNATIONAL INTEREST AS AGAINST THIRD PARTIES

Priority of Competing Interests

Effects of Insolvency

ASSIGNMENTS OF ASSOCIATED RIGHTS AND INTERNATIONAL INTERESTS; RIGHTS OF SUBROGATION

Effects of Assignment

Formal Requirements of Assignment

Debtor’s Duty to Assignee

Default Remedies in Respect of Assignment by way of Security

Priority of Competing Assignments

Assignee’s Priority with Respect to Associated Rights

Effects of Assignor’s Insolvency

RIGHTS OR INTERESTS SUBJECT TO DECLARATIONS BY CONTRACTING STATES

Rights Having Priority Without Registration

Registrable Non-consensual Rights or Interests

Choice of Forum

Jurisdiction under Article 20

Jurisdiction to Make Orders Against the Registrar

Waivers of Sovereign Immunity

Jurisdiction in Respect of Insolvency Proceedings

RELATIONSHIP WITH OTHER CONVENTIONS

Relationship with the United Nations Convention on the Assignment of Receivables in International Trade

Relationship with the Convention on the International Recognition of Rights in Aircraft

Relationship with the Convention for the Unification of Certain Rules Relating to the Precautionary Attachment of Aircraft

Relationship with the UNIDROIT Convention on International Financial Leasing

FINAL PROVISIONS

Signature, Ratification, Acceptance, Approval or Accession

Regional Economic Integration Organisations

Entry into force

Internal Transactions

Future Protocols

Territorial Units

Determination of Courts

Declarations Regarding Remedies

Declarations Relating to Certain Provisions

Reservations and Declarations

Subsequent Declarations

Withdrawal of Declarations

Transitional Provisions

Review Conferences, Amendments and Related Matters

Depositary and its Functions

FORM OF IRREVOCABLE DE-REGISTRATION AND EXPORT REQUEST AUTHORISATION

Referred to in Article 25