Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The legislative rules may make provision for and in relation to any or all of the following matters in respect of eligible carbon credit units purchased by the Commonwealth under carbon abatement contracts:
(a) transferring purchased units to or from a specified Commonwealth Registry account;
(aa) selling units held in such an account;
(b) prohibiting or restricting the transfer of units from such an account;
(c) cancelling units for which there are entries in such an account.
Note: For designation of Commonwealth Registry accounts, see section 12 of the Australian National Registry of Emissions Units Act 2011 .
Restoration of units that were transferred by mistake
(2) If:
(a) one or more eligible carbon credit units were transferred from a Registry account kept by a person to a Commonwealth Registry account specified in legislative rules made for the purposes of paragraph (1)(a); and
(b) the units have been cancelled; and
(c) the Regulator is satisfied that the units were transferred by mistake;
then:
(d) the Regulator must, by written notice given to the person, determine that the units that were transferred are restored units for the purposes of this section; and
(e) a restored unit is taken never to have been cancelled; and
(f) the Regulator must make an entry for a restored unit in a Registry account kept by the person.
(3) Subsection (2) does not affect the validity of the removal of the entry of a restored unit from the Commonwealth Registry account.
(4) A determination made under paragraph (2)(d) is not a legislative instrument.