Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies if:
(a) under this Act, a person is subject to a requirement to relinquish a particular number of Australian carbon credit units (the relinquishment number ); and
(b) under section 11, the Regulator is required to issue to the person a particular number of Australian carbon credit units (the issue number ).
Deemed relinquishment
(2) If the issue number exceeds the relinquishment number:
(a) the person is taken, immediately after the issue of the units mentioned in paragraph (1)(b) of this section, to have, by electronic notice transmitted to the Regulator under subsection 175(1), relinquished a number of those units equal to the relinquishment number; and
(b) that notice is taken to have specified, as the units that are being relinquished, such units as are determined by the Regulator; and
(c) that notice is taken to have specified the requirement mentioned in paragraph (1)(a) of this section as the requirement to which the relinquishment relates.
(3) If the relinquishment number equals or exceeds the issue number:
(a) the person is taken, immediately after the issue of the units mentioned in paragraph (1)(b) of this section, to have, by electronic notice transmitted to the Regulator under subsection 175(1), relinquished all of the units mentioned in paragraph (1)(b) of this section; and
(b) that notice is taken to have specified, as the units that are being relinquished, all of the units mentioned in paragraph (1)(b); and
(c) that notice is taken to have specified the requirement mentioned in paragraph (1)(a) of this section as the requirement to which the relinquishment relates.