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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 25 April 2017 at 18:34)
Part 7A Division 7 Section 127ZT
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.