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Contents (1995 - 101)
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Threatened Species Conservation Act 1995 No 101
Current version for 26 May 2017 to date (accessed 23 June 2017 at 04:38)
Part 7A Division 3 Section 127W
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.