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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 28 April 2017 at 23:57)
Part 7A Division 8 Section 127ZW
127ZW   Biobanking Trust Fund
(1)  There is to be established by this Act a fund called the “Biobanking Trust Fund”.
Note.
 The regulations may require a specified amount to be paid into the Fund when a biodiversity credit is first transferred to another person. It is intended that amounts so paid will be the principal source of revenue for the Fund.
(2)  The following amounts are to be paid into the Fund, subject to any requirements specified in the regulations:
(a)  amounts required to be paid to the Fund under the regulations in respect of the transfer or retirement of a biodiversity credit,
(b)  any amount paid out of the Fund to the owner of a biobank site that is repaid by or recovered from the owner,
(c)  the proceeds of investment of money in the Fund,
(d)  any other money appropriated by Parliament for the purposes of the Fund or required by law to be paid into the Fund,
(e)  such other amounts as are payable to the Fund under this Act or the regulations.
(3)  The following may be paid out of the Fund, subject to any requirements specified in the regulations:
(a)  such amounts as the Minister directs to be paid from the Fund to an owner of a biobank site in respect of management actions carried out, being carried out or to be carried out in accordance with a biobanking agreement,
(b)  such amounts as the Minister directs to be paid from the Fund to the Fund Manager, in payment of the remuneration of the Fund Manager,
(c)  any amounts payable by the Fund Manager in discharging the liabilities incurred by the Fund Manager in the exercise of its functions,
(d)  such other amounts as are authorised to be paid out of the Fund by this Act or the regulations.