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Contents (1995 - 101)
Threatened Species Conservation Act 1995 No 101
Repealed version for 18 August 2017 to 24 August 2017 (accessed 22 November 2017 at 14:27)
Part 7A Division 2 Section 127E
127E   Content of biobanking agreements
(1)  A biobanking agreement may contain any of the following terms, binding on the owner from time to time of the land:
(a)  requiring or authorising the owner to carry out specified management actions on the land,
(b)  providing for the number and class of biodiversity credits that can be created in respect of any of those management actions in accordance with the biobanking assessment methodology,
(c)  providing for the timing of the creation of biodiversity credits and their release for sale,
(d)  requiring the owner of the land to carry out or continue to carry out any management action in perpetuity, unless otherwise specified (even if a biodiversity credit has already been created in respect of the action or has been transferred or retired),
(e)  restricting the use of the biobank site,
(f)  requiring the owner to permit access to the biobank site by specified persons or persons of a specified class and to allow those persons to take any specified action on the land,
(g)  providing for monitoring, reporting and audit requirements,
(h)  providing for the entitlement of the owner to payments from the Biobanking Trust Fund,
(i)  specifying the manner in which any money provided to the owner under the agreement is to be applied by the owner,
(j)  requiring the owner to repay money paid to the owner under the agreement if a specified breach of the agreement occurs,
(k)  specifying the remedial measures that must be taken in the event that any contingency that has a negative impact on the biodiversity values protected by the agreement or that prevents or disrupts the continuation of a management action in respect of which biodiversity credits are in force or have been retired,
(l)  providing for any other matter relating to a biobank site.
(2)  A biobanking agreement may contain any of the following terms, binding on the Minister:
(a)  requiring the Minister to direct that payments be made from the Biobanking Trust Fund to the owner of the land,
(b)  requiring the Minister to provide technical advice,
(c)  requiring the Minister to provide other assistance,
(d)  requiring the Minister to carry out specified activities or do specified things,
(e)  providing for any other matter relating to a biobank site.
(3)  If the biobanking assessment methodology is amended or replaced after a biobanking agreement is entered into, the biobanking agreement prevails to the extent of any inconsistency between the agreement and the provisions of the biobanking assessment methodology as amended or replaced.