Threatened Species Conservation Act 1995 No 101
Division 3 Creation of biodiversity credits
127V Creation of biodiversity credits
(1) Biodiversity credits may be created by the Chief Executive in accordance with this Part.(2) A biodiversity credit is to be created in a form approved by the Chief Executive.
127W Application for creation of biodiversity credit
(1) An owner of land that is a biobank site may apply to the Chief Executive for the creation of biodiversity credits.(2) An application for the creation of a biodiversity credit:(a) is to be made in a form approved by the Chief Executive, and(b) is to contain, or be accompanied by, such information as the Chief Executive requires in order to determine the application, and(c) is to be accompanied by a fee (if any) approved by the Chief Executive.(3) If an application is duly made, the Chief Executive may determine the application by creating biodiversity credits or refusing the application.(4) The Chief Executive may create biodiversity credits in respect of a biobank site without requiring an application to be lodged under this section if it is required or permitted by the relevant biobanking agreement.(5) The Chief Executive may create a biodiversity credit only if satisfied that the management action or actions in respect of which the credit is to be created has been carried out, is being carried out or will be carried out in accordance with the biobanking agreement.(6) The Chief Executive is to determine the number and class of credits to be created in accordance with the biobanking assessment methodology and any relevant provisions of the biobanking agreement.(7) If the Chief Executive creates a biodiversity credit, the Chief Executive must:(a) register the creation of the credit by making an entry in relation to the credit in the register of biodiversity credits, and(b) record the owner of the land as the holder of the credit.(8) A biodiversity credit has no force or effect until it is so registered.(9) The Chief Executive may refuse an application for the creation of a biodiversity credit:(a) if the Chief Executive is not satisfied that the relevant management actions have been carried out, are being carried out or will be carried out, in accordance with the biobanking agreement, or(b) if the creation of the credit would not comply with the biobanking agreement or the biobanking assessment methodology, or(c) if any provision of the biobanking agreement has not been complied with (whether or not the relevant management actions have been carried out or are being carried out), or(d) for any other reason specified in the regulations.(10) The Chief Executive must refuse an application for the creation of a biodiversity credit if the biobank site concerned is not a registered biobank site.(11) The regulations may prescribe a period after making an application for the creation of a biodiversity credit at the end of which, if the Chief Executive fails to either create or refuse to create the credit, the Chief Executive is taken to have refused to create the credit.
127X Registration of biobank sites
(1) The Chief Executive must register land as a biobank site if the Minister enters into a biobanking agreement under which the land is designated as a biobank site for the purposes of this Act.(2) The Chief Executive registers land as a biobank site by creating an entry in relation to the land in the register of biobank sites and recording in the register a description of the land and a copy of the biobanking agreement relating to that land.(3) Registration of land as a biobank site remains in force unless it is suspended or cancelled by the Chief Executive, by notice in writing to the owner of the land.(4) The Chief Executive must cancel the registration of land as a biobank site if there ceases to be any biobanking agreement in force that designates the land as a biobank site for the purposes of this Act.(5) The Chief Executive may suspend or cancel the registration of land as a biobank site if the owner of the land breaches any conditions of the biobanking agreement or contravenes a provision of this Part or the regulations under this Part.(6) The cancellation or suspension of registration of a biobank site does not affect any obligations of the owner of a biobank site under a biobanking agreement. In particular, it does not affect any requirement that the owner carry out, or continue to carry out, management actions in respect of the land, even though the owner ceases to be entitled (as a result of the cancellation or suspension) to create biodiversity credits.
127Y Duration of biodiversity credit
A biodiversity credit, when registered in the register of biodiversity credits, remains in force unless it is cancelled or retired under this Part.Note.A biodiversity credit cannot be transferred after it has been cancelled or retired, or during any suspension period.