Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If a person is the registered holder of one or more Kyoto units, the person may, by electronic notice transmitted to the Regulator, request the Regulator to transfer to a voluntary cancellation account any or all of those units.
(2) A notice under subsection (1) must:
(a) specify the Kyoto unit or units that are to be transferred to the voluntary cancellation account; and
(b) specify the account number or account numbers of the person's Registry account, or the person's Registry accounts, in which there is an entry or entries for the Kyoto unit or units that are to be transferred to the voluntary cancellation account; and
(c) set out such other information (if any) as is specified in the legislative rules.
(3) If:
(a) a person requests that a Kyoto unit be transferred to a voluntary cancellation account; and
(b) the Regulator is satisfied that the transfer of the unit from the person's Registry account to the voluntary cancellation account would not breach regulations made for the purposes of section 39 (Kyoto rules); and
(c) the Regulator is satisfied that the transfer of the unit from the person's Registry account to the voluntary cancellation account would not breach regulations made for the purposes of section 41 (commitment period reserve);
the Regulator must comply with the request as soon as practicable after receiving it.
(4) The Registry must set out a record of each notice under subsection (1).