Commonwealth Consolidated Acts

CARBON CREDITS (CARBON FARMING INITIATIVE) ACT 2011 - SECT 15

Scope

  (1)   This section applies if an application under section   12 has been made for the issue of a certificate of entitlement in respect of an eligible offsets project for a reporting period.

Issue of certificate

  (2)   If the Regulator is satisfied that:

  (a)   the applicant passes the fit and proper person test; and

  (b)   the applicant was, immediately before the end of the period:

  (i)   the project proponent for the project; and

  (ii)   identified in the relevant section   27 declaration as the project proponent for the project; and

  (c)   if the project does not have an extended accounting period--the reporting period is included in a crediting period for the project; and

  (ca)   if the project has an extended accounting period--the reporting period is included in:

  (i)   a crediting period for the project; or

  (ii)   the extended accounting period; and

  (d)   the application passes the no double counting test; and

  (e)   if the relevant section   27 declaration is subject to the condition that all regulatory approvals must be obtained for the project before the end of the first reporting period for the project--that condition has been met; and

  (ea)   if the relevant section   27 declaration is subject to a condition mentioned in subsection   28A(2)--that condition has been met; and

  (f)   the applicant is not subject to a requirement under Part   7 to relinquish a number of Australian carbon credit units; and

  (g)   no amount is payable by the applicant under:

  (i)   section   179; or

  (ii)   section   180;

    in relation to a requirement under Part   7 to relinquish a number of Australian carbon credit units; and

  (h)   if the regulations or the legislative rules specify one or more other eligibility requirements--those requirements are met;

the Regulator must issue a certificate of entitlement in respect of the project for the period.

Note 1:   For the fit and proper person test, see section   60.

Note 2:   For the no double counting test, see section   15A.

  (3)   A certificate of entitlement must state that a specified number is the unit entitlement in respect of the certificate.

Note:   For unit entitlement, see section   16 or 18.

  (4)   If the application sets out the account number of a Registry account of the applicant that should be specified in the certificate of entitlement, the certificate must specify that account number.

Timing

  (5)   The Regulator must take all reasonable steps to ensure that a decision is made on the application:

  (a)   if the Regulator requires the applicant to give further information under subsection   14(1) in relation to the application--within 90 days after the applicant gave the Regulator the information; or

  (b)   otherwise--within 90 days after the application was made.

Refusal

  (6)   If the Regulator decides to refuse to issue a certificate of entitlement, the Regulator must give written notice of the decision to the applicant.