127K   Management actions under biobanking agreement exempt from Planning Act

(1)  Management actions under a biobanking agreement for which biodiversity credits may be created under this Part are taken to be exempt development for the purposes of the Planning Act.

(2)  For the purposes of section 76 (3) of that Act, a reference to the environmental planning instrument in respect of such exempt development is taken to be a reference to the biobanking agreement.

(3)  The regulations may exclude any management actions from the operation of this section.