Nature Conservation Trust Act 2001 No 10
7 Meaning of “Revolving Fund Scheme”
(1) For the purposes of this Act, the Revolving Fund Scheme is the scheme under which the Trust:(a) buys or otherwise acquires land that is significant for the conservation of natural heritage (and any cultural heritage associated with natural heritage), and(b) arranges for a protective covenant to be registered on the title to the land, and(c) sells or leases the land subject to that protective covenant, and(d) uses the proceeds of the sale or lease for the acquisition of further land referred to in paragraph (a) for the purposes of dealing with that land in accordance with paragraphs (b) and (c) and using the proceeds of the sale or lease as set out in this paragraph.(2) The Trust may sell or lease any part of land that is bought or acquired under the scheme, without arranging for a protective covenant to be registered on the title to that part, if the Trust decides that the part of the land concerned is of low or no conservation value. The proceeds of the sale or lease are to be used under the scheme in the same way as the proceeds of sale or lease of land the subject of a protective covenant.(3) In this section, a protective covenant means a covenant the purpose of which is to protect natural heritage (and any cultural heritage associated with natural heritage).