You are using a version of the website built for webcrawlers and people whose devices cannot use javascript. Some functionality may not be available.
Contents (1995 - 101)
Skip contents
Threatened Species Conservation Act 1995 No 101
Current version for 26 May 2017 to date (accessed 23 June 2017 at 20:28)
Part 7A Division 7
Division 7 Arrangements for deferral of retirement of biodiversity credits
127ZT   Deferred retirement arrangements
(1)  If the Chief Executive proposes to issue a biobanking statement subject to a credit retirement condition and is satisfied that restorative actions will be taken in relation to the development that will restore or improve the biodiversity values affected by the development, the Chief Executive may approve an arrangement (a deferred retirement arrangement) under which:
(a)  the retirement of some or all of the biodiversity credits under the credit retirement condition is deferred pending the completion of those actions, and
(b)  the biodiversity credits the retirement of which is deferred pending the completion of those actions are required to be transferred to the Minister.
(2)  A credit retirement condition specified in a biobanking statement has effect subject to any such deferred retirement arrangement.
(3)  Subject to the powers of the Chief Executive under this Division, the Minister is to hold biodiversity credits transferred to the Minister under a deferred retirement arrangement pending completion of the relevant restorative actions and is not permitted to transfer, retire, or otherwise deal with, the biodiversity credits.
(4)  The biobanking assessment methodology may make provision with respect to deferred retirement arrangements, including:
(a)  the types of restorative actions in respect of which deferred retirement arrangements are available, and
(b)  the number and class of biodiversity credits that may be transferred back to a former holder of biodiversity credits (or to any person who acquires the rights of a former holder to apply for such a transfer) on completion of those actions.
(5)  An application for registration of the transfer of biodiversity credits to the Minister under a deferred retirement arrangement is to be made in the manner required by Division 4. However, it is not necessary for the Minister to be a party to a transfer or application for registration of transfer.
(6)  The provisions of Division 5 relating to the cancellation and suspension of biodiversity credits, and section 127ZZ (which relates to cost recovery), apply in respect of a biodiversity credit transferred to the Minister under a deferred retirement arrangement as if a reference to the holder of the biodiversity credit were a reference to the person who was the holder of the credit immediately before it was transferred to the Minister.
127ZU   Transfer or retirement of biodiversity credits held subject to deferred retirement arrangement
(1)  A former holder of a biodiversity credit may, on the completion of any restorative actions the subject of a deferred retirement arrangement, apply to the Chief Executive for the transfer to the former holder of any biodiversity credits held by the Minister under that deferred retirement arrangement.
(2)  An application under this section:
(a)  is to be in a form approved by the Chief Executive, and
(b)  is to be accompanied by the fee (if any) approved by the Chief Executive for applications under this section and such information as the Chief Executive requires.
(3)  The Chief Executive is to determine the application in accordance with any relevant requirements of the biobanking assessment methodology.
(4)  If, as a result of the application, the Chief Executive determines that any of the biodiversity credits held by the Minister under the deferred retirement arrangement may be transferred back to the former holder:
(a)  the Chief Executive is to register a transfer, from the Minister to the former holder of biodiversity credits, of those biodiversity credits (without requiring an application for registration of transfer), and
(b)  the Chief Executive may retire any remaining biodiversity credits held by the Minister under the deferred retirement arrangement.
(5)  If, as a result of the application, the Chief Executive determines that no biodiversity credits held by the Minister under the deferred retirement arrangement should be transferred to the former holder, the Chief Executive may retire all biodiversity credits held by the Minister under the arrangement.
(6)  The Chief Executive must, before retiring biodiversity credits under this section, give notice of the retirement to the former holder of the biodiversity credits.
(7)  The notice is to specify the date on which the biodiversity credits will be retired, being a date that is not less than 28 days after the notice is given to the former holder.
(8)  The Chief Executive may reject an application under this section for the transfer of biodiversity credits to a former holder of the credits if an application has already been made and determined in respect of the development concerned, or for any other reason specified in the regulations.
(9)  In this section, a former holder of a biodiversity credit means:
(a)  the person who held the biodiversity credit immediately before the biodiversity credit was transferred to the Minister under a deferred retirement arrangement, or
(b)  a person who acquires the rights of the person referred to in paragraph (a) to apply for a transfer under this section in respect of the biodiversity credit.
127ZV   Deadline for completion of restorative actions
(1)  A deferred retirement arrangement may provide for a period at the end of which the deferred retirement arrangement ceases to have effect.
(2)  At the end of that period, the Chief Executive may retire any biodiversity credits transferred to the Minister under the deferred retirement arrangement that continue to be held by the Minister.
(3)  The Chief Executive must, before retiring biodiversity credits under this section, give notice of the retirement to the person who held those credits immediately before they were transferred to the Minister.
(4)  The notice is to specify the date on which the biodiversity credits will be retired, being a date that is not less than 28 days after the notice is given to the former holder.