Threatened Species Conservation Act 1995 No 101
127T General provisions relating to variation or termination of agreements without consent of owner
(1) This section applies if the Minister proposes to vary or terminate a biobanking agreement without the consent of the owner of the biobank site by order under section 127Q or 127S.
(2) The Minister is not to make such an order unless:
(a) written notice of the Minister’s intention to vary or terminate the agreement has been given to the owner of the biobank site stating that the owner may make submissions to the Minister within the period specified in the notice (being a period of not less than 28 days), and
(b) the Minister has considered any submissions made by the owner of the biobank site, being submissions made within that specified period.
(3) If the order is made, a copy of the order is to be laid before each House of Parliament within 30 sitting days of that House, or such other period as may be prescribed by the regulations, after publication of the order.
(4) If the order varies the agreement, the owner of the biobank site may, by written notice given to the Minister, terminate the agreement, but only if:
(a) no biodiversity credits have been created in respect of the biobank site, or
(b) in a case where biodiversity credits have been created, the owner of the biobank site is the holder of all credits that have been created since registration of the biobank site (that is, none of the credits created have been retired) and all the credits are cancelled by the Director-General with the consent of the owner.