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Contents (1995 - 101)
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Threatened Species Conservation Act 1995 No 101
Current version for 10 March 2017 to date (accessed 23 April 2017 at 18:03)
Part 7A Division 1 Section 127A
127A   Establishment of biobanking scheme
(1)  There is established by this Part a biodiversity banking and offsets scheme (the biobanking scheme).
(2)  The biobanking scheme has the following key elements:
(a)  the establishment of biobank sites on land by means of biobanking agreements entered into between the Minister and the owners of the lands concerned,
(b)  the creation of biodiversity credits in respect of management actions carried out or proposed to be carried out on or in respect of biobank sites that improve biodiversity values,
(c)  a system that enables those biodiversity credits, once created and registered, to be traded (including by being purchased by developers) and used as an offset against the impact of proposed development on biodiversity values,
(d)  the establishment of a biobanking assessment methodology, by order of the Minister published in the Gazette, for the purpose of determining both the number of biodiversity credits that may be created in respect of management actions or proposed management actions and the number of biodiversity credits that must be retired in connection with a development to offset the impact of the development and ensure that it improves or maintains biodiversity values.
(3)  The biobanking scheme is not to be implemented until:
(a)  a joint committee of the Legislative Assembly and the Legislative Council has been appointed with functions that include preparing a report that sets out suggested guidelines for the operation of the scheme during a trial period and examines options for applying the scheme to the clearing of native vegetation (within the meaning of the Native Vegetation Act 2003), and
(b)  the report has been provided to both Houses of Parliament, and
(c)  the Minister has caused to be tabled in each House of Parliament a report by the Minister setting out what the Government has done or proposes to do in response to the report of the joint committee.
(4)  Despite subsection (3), the biobanking scheme may be implemented if the report of the joint committee referred to in subsection (3) (a) has not been prepared by the joint committee and provided to both Houses of Parliament by the end of the period of 6 months after the commencement of this Part.
(5)  If a House of Parliament is not sitting when the joint committee seeks to provide its report to that House, the joint committee may instead present it to the Clerk of the House of Parliament concerned.
(6)  Section 63C of the Public Finance and Audit Act 1983 applies in respect of the presentation of the report of the joint committee to a Clerk of a House of Parliament under this section in the same way as it applies to the presentation of documents in accordance with that Act.
(7)  For the purposes of subsections (3) and (4), each of the following actions constitutes implementation of the biobanking scheme:
(a)  the publication of the biobanking assessment methodology in the Gazette,
(b)  the establishment of any biobank site,
(c)  the issue of any biobanking statement.