Commonwealth Consolidated Acts

CARBON CREDITS (CARBON FARMING INITIATIVE) ACT 2011 - SECT 141

Scope

  (1)   This section applies if there are 2 or more project proponents (the multiple project proponents ) for an eligible offsets project.

Application for issue of Australian carbon credit units

  (2)   If:

  (a)   the multiple project proponents have nominated a nominee under subsection   136(2) in relation to the project; and

  (b)   the nomination is in force; and

  (c)   a nominee account for the project is kept in the name of the nominee; and

  (d)   the nominee makes an application under section   12 for the issue of a certificate of entitlement in respect of the project for a reporting period;

paragraph   13(1)(c) does not apply to the application.

Note:   Paragraph   13(1)(c) requires the application to set out the account number of a Registry account.

Issue of Australian carbon credit units

  (3)   If:

  (a)   the multiple project proponents have nominated a nominee under subsection   136(2) in relation to the project; and

  (b)   the nomination is in force; and

  (c)   a nominee account for the project is kept in the name of the nominee; and

  (d)   apart from this subsection, the Regulator is required under section   11 to issue one or more Australian carbon credit units to the multiple project proponents in relation to the eligible offsets project;

then:

  (e)   the Regulator must comply with the requirement by issuing the units to the nominee and making an entry for the units in the nominee account; and

  (f)   subsections   11(5) and (6) do not apply to the issue of the units.

  (4)   If:

  (a)   no nomination made by the multiple project proponents under subsection   136(2) in relation to the project is in force; and

  (b)   apart from this subsection, the Regulator is required under section   11 to issue one or more Australian carbon credit units to the multiple project proponents in relation to the eligible offsets project;

the Regulator must not issue the units.