241Regulations relating to salvage

#### 241 Regulations relating to salvage (1) The regulations may make provision in relation to: (a) giving effect to the Salvage Convention; and (b) salvage operations, and claims relating to salvage operations, conducted by or on behalf of the Commonwealth, a State, a Territory or the government of a country prescribed by the regulations. (2) Without limiting subsection (1), the regulations may make provision in relation to: (a) the action to be taken with respect to vessels and other property saved as a result of salvage operations conducted by or on behalf of the Commonwealth or a State or Territory; and (b) the execution of bonds for the payment of salvage operations so conducted; and (c) the taking of security for the performance of bonds executed under regulations made for the purposes of paragraph (b); and (d) the adjudication on, and the enforcement of, bonds executed under regulations made for the purposes of paragraph (b) or under a law that is a law of a country prescribed by the regulations and corresponds with regulations made for the purposes of paragraph (b); and (e) the conditions subject to which claims relating to salvage operations may be made by the seafarers of a Government vessel or a vessel belonging to a foreign country prescribed by the regulations. (3) A charge that arises under subsection (2) in relation to a vessel has priority over any PPSA security interest within the meaning of the Personal Property Securities Act 2009 in the vessel. (4) Subsection 73(2) of the Personal Property Securities Act 2009 applies to a charge that arises under subsection (2). > Note: The effect of this subsection is that the priority between a charge that arises under subsection (2) and a PPSA security interest is to be determined in accordance with this Act rather than the Personal Property Securities Act 2009. (5) Section 10 does not limit this section.