Income Tax Act, 1962 (Act 58 of 1962)
R 385
Convention on International Interests in Mobile Equipment Act, 2007 (Act No. 4 of 2007SchedulesSchedule 2 : ProtocolChapter II : Default Remedies, Priorities and AssignmentsArticle IX - Modification of default remedies provisions |
| (1) | In addition to the remedies specified in Chapter III of the Convention, the creditor may, to the extent that the debtor has at any time so agreed and in the circumstances specified in that Chapter— |
| (a) | procure the de-registration of the aircraft; and |
| (b) | procure the export and physical transfer of the aircraft object from the territory in which it is situated. |
| (2) | The creditor shall not exercise the remedies specified in the preceding paragraph without the prior consent in writing of the holder of any registered interest ranking in priority to that of the creditor. |
| (3) | Article 8 (3) of the Convention shall not apply to aircraft objects. Any remedy given by the Convention in relation to an aircraft object shall be exercised in a commercially reasonable manner. A remedy shall be deemed to be exercised in a commercially reasonable manner where it is exercised in conformity with a provision of the agreement except where such a provision is manifestly unreasonable. |
| (4) | A chargee giving ten or more working days’ prior written notice of a proposed sale or lease to interested persons shall be deemed to satisfy the requirement of providing “reasonable prior notice” specified in Article 8 (4) of the Convention. The foregoing shall not prevent a chargee and a chargor or a guarantor from agreeing to a longer period of prior notice. |
| (5) | The registry authority in a Contracting State shall, subject to any applicable safety laws and regulations, honour a request for de-registration and export if— |
| (a) | the request is properly submitted by the authorised party under a recorded irrevocable de-registration and export request authorisation; and |
| (b) | the authorised party certifies to the registry authority, if required by that authority, that all registered interests ranking in priority to that of the creditor in whose favour the authorisation has been issued have been discharged or that the holders of such interests have consented to the de-registration and export. |
| (6) | A chargee proposing to procure the de-registration and export of an aircraft under paragraph 1 otherwise than pursuant to a court order shall give reasonable prior notice in writing of the proposed de-registration and export to— |
| (a) | interested persons specified in Article 1(m)(i) and (ii) of the Convention; and |
| (b) | interested persons specified in Article 1(m)(iii) of the Convention who have given notice of their rights to the chargee within a reasonable time prior to the de-registration and export. |
