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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 18:10)
Part 7A Division 5 Section 127ZD
127ZD   Grounds for cancellation of biodiversity credit
(1)  The Chief Executive may cancel a biodiversity credit that is in force, or that has been suspended under this Part:
(a)  if the Chief Executive is of the opinion that any management action in respect of which the biodiversity credit was created has not been carried out or completed, or is not being carried out, in accordance with the biobanking agreement, or
(b)  if the person who applied for the creation of the credit provided any information to the Chief Executive in, or in connection with, the application that was false or misleading in a material particular, or
(c)  if the credit was created in error, or
(d)  if the holder of the credit has requested or agreed to the cancellation, or
(e)  if authorised to do so by any other provision of this Act or the regulations.
(2)  Without limiting subsection (1), if the Minister varies or terminates a biobanking agreement because of activities authorised by a mining authority or petroleum title granted in respect of a biobank site, the Chief Executive may cancel any biodiversity credits created in respect of the biobank site that have not been transferred by the biobank site owner.
(3)  The Chief Executive must not cancel a biodiversity credit unless before doing so the Chief Executive:
(a)  gives notice to the holder of the credit that he or she intends to do so, and
(b)  specifies in that notice the reasons for his or her intention to do so, and
(c)  gives the holder of the credit a reasonable opportunity to make submissions in relation to the proposed cancellation, and
(d)  takes into consideration any such submissions by the holder of the credit.
(4)  The Chief Executive is not to cancel a credit if the Chief Executive is satisfied that the holder of the credit is a bona fide purchaser of the credit without notice of the circumstances that are grounds for the cancellation of the credit.
 However, the Chief Executive may require a wrongdoer to retire a specified number or class of credits under section 127ZI.
(5)  Subsections (3) and (4) do not apply if the holder of a biodiversity credit has requested or agreed to the cancellation of the credit.