Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If a person is the registered holder of one or more Australian carbon credit units, the person may, by electronic notice transmitted to the Regulator, relinquish any or all of those units.
(2) A notice under subsection (1) must:
(a) specify the Australian carbon credit unit or units that are being relinquished; and
(b) if the Australian carbon credit unit or units are being relinquished in order to comply with a requirement under Part 7--specify the requirement to which the relinquishment relates; and
(c) if the Australian carbon credit unit or units are being voluntarily relinquished in order to satisfy a condition for revocation of a section 27 declaration in relation to an offsets project--set out a statement to that effect; and
(d) if the Australian carbon credit unit or units are being voluntarily relinquished in order to satisfy a condition for revocation of a subsection 97(2) declaration--set out a statement to that effect; and
(e) if the Australian carbon credit unit or units are being relinquished in order to comply with an order under subsection 171(2) (fraudulent conduct)--specify the order to which the relinquishment relates; and
(f) 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 Australian carbon credit unit or units that are being relinquished.
(3) If:
(a) an Australian carbon credit unit is relinquished by a person in order to comply with an order under subsection 171(2); and
(b) the order was made because the person was convicted by a court of an offence that relates to Part 2;
then:
(c) the unit is cancelled; and
(d) the Regulator must remove the entry for the unit from the person's Registry account in which there is an entry for the unit.
(4) If:
(a) an Australian carbon credit unit is relinquished by a person in order to comply with an order under subsection 171(2); and
(b) the order was made because the person was convicted by a court of an offence that does not relate to Part 2;
then:
(c) the Regulator must transfer the unit from the person's Registry account in which there is an entry for the unit to the Commonwealth relinquished units account; and
(d) when the unit is transferred to the Commonwealth relinquished units account, property in the unit is transferred to the Commonwealth.
(5) If:
(a) an Australian carbon credit unit is relinquished by a person in order to comply with a requirement under Part 7; or
(b) an Australian carbon credit unit is voluntarily relinquished in order to satisfy a condition for revocation of a section 27 declaration in relation to an offsets project; or
(c) an Australian carbon credit unit is voluntarily relinquished in order to satisfy a condition for revocation of a subsection 97(2) declaration;
then:
(d) the unit is cancelled; and
(e) the Regulator must remove the entry for the unit from the person's Registry account in which there is an entry for the unit.
(6) The Registry must set out a record of each notice under subsection (1).