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Contents (1995 - 101)
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Threatened Species Conservation Act 1995 No 101
Current version for 14 July 2017 to date (accessed 27 July 2017 at 03:48)
Part 7A Division 4
Division 4 Trading in biodiversity credits
127Z   Transfers of biodiversity credits
(1)  The holder of a biodiversity credit that is in force may transfer the credit to any person, subject to this section and the regulations.
(2)  A biodiversity credit cannot be transferred if it has been suspended by the Chief Executive and the suspension is in force.
(3)  The regulations may make further provision with respect to the transfer of biodiversity credits (including by prohibiting certain transfers of biodiversity credits).
(4)  The transfer of a biodiversity credit does not affect any requirement imposed on the owner of a biobank site under a biobanking agreement. In particular, it does not affect any requirement that the owner carry out, or continue to carry out, management actions in respect of the land in relation to which the credit was created.
127ZA   Payment of amount into Biobanking Trust Fund on first transfer of credit
(1)  The regulations may require a specified amount to be paid into the Biobanking Trust Fund before a first transfer of a biodiversity credit is registered under this Division.
(2)  The amount to be paid into the Biobanking Trust Fund, or the manner of its calculation, is to be as specified in the regulations.
(3)  The regulations may specify exemptions from the requirement to pay an amount into the Biobanking Trust Fund on the first transfer of the credit. If, because of such an exemption, no amount is payable to the Biobanking Trust Fund in respect of a first transfer of a credit, the regulations may require the amount to be paid into the Biobanking Trust Fund in respect of any subsequent transfer of the credit before the transfer is registered.
(4)  If a biodiversity credit is retired or proposed to be retired without having been transferred by the owner of a biobank site, the regulations may require any amount that would have been payable if the biodiversity credit had been transferred to be paid into the Biobanking Trust Fund before the credit is retired.
127ZB   Registration of transfer of biodiversity credit
(1)  The transfer of a biodiversity credit does not have effect until the transfer is registered by the Chief Executive under this Part.
(2)  An application for registration of a transfer of a biodiversity credit may be made to the Chief Executive by the parties to the transfer.
(3)  The application:
(a)  is to be made in a form approved by the Chief Executive, and
(b)  is to be accompanied by:
(i)  the fee (if any) for registration of the transfer approved by the Chief Executive, and
(ii)  such other information as the Chief Executive requires in relation to the transfer.
(4)  The Chief Executive registers a transfer by making a recording in the register of biodiversity credits in relation to the credit to indicate that the person to whom the credit has been transferred is the holder of the biodiversity credit.
(5)  If an application for the transfer of a biodiversity credit is duly made, the Chief Executive must register the transfer unless authorised or required to refuse to register the transfer by this Act or the regulations.
(6)  The Chief Executive must refuse to register a transfer of a biodiversity credit in respect of which an amount is required to be paid to the Biobanking Trust Fund unless satisfied that the amount required to be paid to that Fund has been so paid.
(7)  If the Chief Executive refuses to register a transfer of a biodiversity credit in respect of which an amount has been paid to the Biobanking Trust Fund, the Chief Executive may direct the Fund Manager to repay that amount to the person who paid it, and the Fund Manager is authorised to comply with that direction.
127ZC   Other transactions involving biodiversity credits
A biodiversity credit cannot be mortgaged, assigned, leased, charged or otherwise encumbered, except as authorised by the regulations.