Threatened Species Conservation Act 1995 No 101
Current version for 28 November 2014 to date (accessed 21 December 2014 at 17:11)
Part 7ADivision 8Section 127ZZA

127ZZA   Biodiversity Banking Account

(1)  There is to be established in the Special Deposits Account an account called the “Biodiversity Banking Account”.
(2)  Money in the account is under the control of the Minister and can be expended by the Minister only for the purposes authorised by this section.
(3)  There is to be paid into the account:
(a)  all contributions paid by participants in the biobanking scheme under a regulation referred to in section 127ZZ, and
(b)  all fees and charges paid in connection with this Part, other than any amount that is payable under this Part to the Biobanking Trust Fund, and
(c)  all costs or damages recovered in connection with enforcement action taken against an owner of a biobank site in respect of a failure to comply with a biobanking agreement, this Part or the regulations under this Part, other than amounts payable to the Biobanking Trust Fund, and
(d)  all money received in respect of penalties recovered pursuant to this Part or the regulations under this Part, and
(e)  the proceeds of investment of money in the account, and
(f)  any money acquired by the Minister under section 148 of the National Parks and Wildlife Act 1974 for the purposes of this Part, and
(g)  any money received by the Minister pursuant to section 149 of the National Parks and Wildlife Act 1974 in respect of land or other property, or an interest in land or property, acquired by the Minister for the purposes of this Part, or by purchase with money from the Biodiversity Banking Account, and
(h)  any other money provided by Parliament for the purposes of the account or required by law to be paid into the account.
(4)  There may be paid out of the account:
(a)  the costs of management and administration of the biobanking scheme, and
(b)  the costs of ensuring compliance with the biobanking scheme, and
(c)  such costs as the Minister directs are to be paid from the account to an owner of a biobank site, and
(d)  such costs as the Minister directs to be paid from the account in payment of the remuneration of the Fund Manager, and
(e)  such other costs relating to the biobanking scheme as the Minister directs to be paid out of the account.
(5)  There may be paid out of the account to the Consolidated Fund any amount in the account that, in the opinion of the Minister, is in excess of the amounts required to meet the costs referred to in subsection (4).
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