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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 22 August 2017 at 19:42)
Part 7A Division 7 Section 127ZU
127ZU   Transfer or retirement of biodiversity credits held subject to deferred retirement arrangement
(1)  A former holder of a biodiversity credit may, on the completion of any restorative actions the subject of a deferred retirement arrangement, apply to the Chief Executive for the transfer to the former holder of any biodiversity credits held by the Minister under that deferred retirement arrangement.
(2)  An application under this section:
(a)  is to be in a form approved by the Chief Executive, and
(b)  is to be accompanied by the fee (if any) approved by the Chief Executive for applications under this section and such information as the Chief Executive requires.
(3)  The Chief Executive is to determine the application in accordance with any relevant requirements of the biobanking assessment methodology.
(4)  If, as a result of the application, the Chief Executive determines that any of the biodiversity credits held by the Minister under the deferred retirement arrangement may be transferred back to the former holder:
(a)  the Chief Executive is to register a transfer, from the Minister to the former holder of biodiversity credits, of those biodiversity credits (without requiring an application for registration of transfer), and
(b)  the Chief Executive may retire any remaining biodiversity credits held by the Minister under the deferred retirement arrangement.
(5)  If, as a result of the application, the Chief Executive determines that no biodiversity credits held by the Minister under the deferred retirement arrangement should be transferred to the former holder, the Chief Executive may retire all biodiversity credits held by the Minister under the arrangement.
(6)  The Chief Executive must, before retiring biodiversity credits under this section, give notice of the retirement to the former holder of the biodiversity credits.
(7)  The notice is to specify the date on which the biodiversity credits will be retired, being a date that is not less than 28 days after the notice is given to the former holder.
(8)  The Chief Executive may reject an application under this section for the transfer of biodiversity credits to a former holder of the credits if an application has already been made and determined in respect of the development concerned, or for any other reason specified in the regulations.
(9)  In this section, a former holder of a biodiversity credit means:
(a)  the person who held the biodiversity credit immediately before the biodiversity credit was transferred to the Minister under a deferred retirement arrangement, or
(b)  a person who acquires the rights of the person referred to in paragraph (a) to apply for a transfer under this section in respect of the biodiversity credit.