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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Repealed version for 18 August 2017 to 24 August 2017 (accessed 22 November 2017 at 23:53)
Part 7A Division 5 Section 127ZE
127ZE   General provisions relating to cancellation of biodiversity credits
(1)  The Chief Executive cancels a biodiversity credit by making a recording in the register of biodiversity credits, in relation to the biodiversity credit concerned, that indicates that the credit is cancelled.
(2)  The Chief Executive must give the holder of the credit notice in writing of the cancellation.
(3)  No compensation is payable for the cancellation of a biodiversity credit.
(4)  However, if a biodiversity credit is cancelled because of activities authorised by a mining authority or petroleum title granted in respect of a biobank site, the reasonable costs incurred by the biobank site owner in carrying out, before the cancellation, the management actions in respect of which the biodiversity credits were created are taken, for purposes of the Mining Act 1992 or the Petroleum (Onshore) Act 1991, to be a loss caused by deprivation of the possession or of the use of the surface of the land concerned as a result of the exercise of the rights conferred by the mining authority or petroleum title.
(5)  If a biodiversity credit is cancelled, the Minister may vary or terminate the relevant biobanking agreement (with or without the consent of the owner of the biobank site) to make it clear that any obligation to carry out, or to continue to carry out, a management action that arises only because of the creation of that credit ceases to have effect.
(6)  If the variation or termination is made without the consent of the owner:
(a)  the variation or termination is to be made by the Minister by order published in the Gazette, and
(b)  a copy of the order is to be laid before each House of Parliament within 30 sitting days of that House, or such other period as may be prescribed by the regulations, after publication of the order.
(7)  The Minister is not to make an order referred to in subsection (6) unless:
(a)  written notice of the Minister’s intention to vary or terminate the agreement has been given to the owner of the biobank site stating that the owner may make submissions to the Minister within the period specified in the notice (being a period of not less than 28 days), and
(b)  the Minister has considered any submissions made by the owner of the biobank site, being submissions made within that specified period.
(8)  The cancellation of a biodiversity credit does not prevent the Minister from seeking an award of damages against the owner of a biobank site for a breach of a biobanking agreement.