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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 22:58)
Part 7A Division 8
Division 8 Financial matters
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.
127ZX   Management and control of Fund
(1)  The Fund Manager is to manage and control the Biobanking Trust Fund in accordance with this Act and the regulations.
(2)  The Fund Manager:
(a)  is to act as trustee of money vested in the Biobanking Trust Fund, and
(b)  is to invest the money vested in the Biobanking Trust Fund not immediately required for the purposes for which it is to be applied in the same way as trustees may invest trust funds under the Trustee Act 1925, subject to any requirements specified in the regulations, and
(c)  is to make payments from the Biobanking Trust Fund as authorised by this Act and the regulations.
(3)  The Fund Manager has such other functions as may be conferred on the Fund Manager by the regulations.
(4)  The Fund Manager may do all things necessary or convenient to be done in connection with the exercise of the Fund Manager’s functions.
(5)  The regulations may make further provision with respect to the Biobanking Trust Fund, including by providing for the following:
(a)  the investment of the money vested in the Fund,
(b)  the establishment of committees to advise the Fund Manager on the exercise of the Fund Manager’s functions under this Division or to oversee the exercise of those functions,
(c)  the obligation of the Fund Manager to report to the Minister on the exercise of the Fund Manager’s functions under this Division,
(d)  the winding up of the Fund,
(e)  the review of any complaints made against the Fund Manager.
127ZY   Fund Manager
(1)  The Minister is to appoint a person as Fund Manager in respect of the Biobanking Trust Fund.
(2)  It is not necessary for the person appointed as Fund Manager to be a public authority.
(3)  However, if the person appointed as Fund Manager is not a public authority, the Fund Manager is not, and does not represent, the Crown. Accordingly, any such Fund Manager:
(a)  is not an instrumentality or agency of the State, and
(b)  is not entitled to any immunity or privilege of the State, and
(c)  cannot render the State liable for any debts, liabilities or obligations of the Fund, and
(d)  is not a public authority for any purpose and is taken not to have been constituted or established for a public purpose or for a purpose of the State.
(4)  The regulations may make further provision for the appointment of the Fund Manager, and make provision for the termination of the appointment of the Fund Manager and remuneration of the Fund Manager.
127ZZ   Cost recovery
(1)  The regulations may require any participant in the biobanking scheme to pay to the Minister a contribution towards the following:
(a)  the costs of management and administration of the scheme (including payment for services provided by any person or body exercising functions under the scheme),
(b)  the costs of ensuring compliance with the scheme,
(c)  any other costs relating to the scheme.
(2)  The amount of the contribution (or the manner in which it is to be calculated) and other matters concerning its payment are to be set out in the regulations.
(3)  The contribution is recoverable by the Minister as a debt in a court of competent jurisdiction.
(4)  The regulations may authorise the payment of the contribution by instalments. If an instalment is not paid by the due date, the balance then becomes due and payable (together with any interest or penalty (or both) that the regulations require to be paid in respect of a late payment).
(5)  The regulations may:
(a)  exempt any person or class of persons from payment of a contribution referred to in this section, and
(b)  authorise the Minister to waive payment, or extend the time for payment, of a contribution, or part of a contribution, or any interest or penalty payable under this section.
(6)  In this section:
participant in the biobanking scheme means any of the following persons:
(a)  the owner of a biobank site,
(b)  the holder of a biodiversity credit,
(c)  a person who applies for a biobanking statement, a person who owns the land on which development described in a biobanking statement may be carried out or a person entitled to act on a development consent or approval under the Planning Act given in relation to a development described in a biobanking statement,
(d)  a person accredited as a conservation broker under the regulations.
(7)  For the purposes of this section, the Minister or Chief Executive is not considered to be a participant in the biobanking scheme in respect of any thing done on behalf of the Crown.
127ZZA   Biodiversity Banking Account
(1)  There is to be established in the Special Deposits Account an account called the “Biodiversity Banking Account”.
(2)  Money in the account is under the control of the Minister and can be expended by the Minister only for the purposes authorised by this section.
(3)  There is to be paid into the account:
(a)  all contributions paid by participants in the biobanking scheme under a regulation referred to in section 127ZZ, and
(b)  all fees and charges paid in connection with this Part, other than any amount that is payable under this Part to the Biobanking Trust Fund, and
(c)  all costs or damages recovered in connection with enforcement action taken against an owner of a biobank site in respect of a failure to comply with a biobanking agreement, this Part or the regulations under this Part, other than amounts payable to the Biobanking Trust Fund, and
(d)  all money received in respect of penalties recovered pursuant to this Part or the regulations under this Part, and
(e)  the proceeds of investment of money in the account, and
(f)  any money acquired by the Minister under section 148 of the National Parks and Wildlife Act 1974 for the purposes of this Part, and
(g)  any money received by the Minister pursuant to section 149 of the National Parks and Wildlife Act 1974 in respect of land or other property, or an interest in land or property, acquired by the Minister for the purposes of this Part, or by purchase with money from the Biodiversity Banking Account, and
(h)  any other money provided by Parliament for the purposes of the account or required by law to be paid into the account.
(4)  There may be paid out of the account:
(a)  the costs of management and administration of the biobanking scheme, and
(b)  the costs of ensuring compliance with the biobanking scheme, and
(c)  such costs as the Minister directs are to be paid from the account to an owner of a biobank site, and
(d)  such costs as the Minister directs to be paid from the account in payment of the remuneration of the Fund Manager, and
(e)  such other costs relating to the biobanking scheme as the Minister directs to be paid out of the account.
(5)  There may be paid out of the account to the Consolidated Fund any amount in the account that, in the opinion of the Minister, is in excess of the amounts required to meet the costs referred to in subsection (4).