Priority notices

(1) Notwithstanding the provisions of section 43 of this Act, priority notices may be given to the Head Office by the intending mortgagees with the written consent of each prior ranking mortgagee in a form approved by IMMARBE, and such priority notice shall, when recorded in the Register, determine the priority of the interest to which the notice relates. (2) Registration regulations may provide for the giving to Head Office by intending mortgagees of priority notices in a form prescribed by or approved under the regulations which, when recorded in the Register, determine the priority of the interest to which the notice relates.