"Prescribed" as it is used throughout the act, refers to prescribed by regulations. In one of these later sections, there are regulation-making powers for many of the administrative details of the operation of the act, the establishment of forms, these and various other details of the operation. "Prescribed" here would be prescribed by regulation.
Mr. Macdougall on Bill 7: Personal Property Security Act
In the Legislative Assembly on March 2nd, 1994. See this statement in context.
Bill 7: Personal Property Security Act
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
March 1st, 1994
Page 484
Macdougall
See context to find out what was said next.