Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The regulations or the legislative rules may make provision for and in relation to empowering the Regulator to revoke a declaration under section 27 in relation to an offsets project.
(2) Regulations or legislative rules made for the purposes of subsection (1) must not empower the Regulator to revoke a declaration unless:
(a) the project proponent for the project ceases to pass the fit and proper person test; and
(b) 90 days pass after the cessation, and the person who, at the end of that 90 - day period, is the project proponent for the project does not pass the fit and proper person test.
Note: For the fit and proper person test, see section 60.
(3) Regulations or legislative rules made for the purposes of subsection (1) must require the Regulator to consult the project proponent for the project before deciding to revoke a declaration.
(4) Regulations or legislative rules made for the purposes of subsection (1) must provide that, if a declaration of an eligible offsets project is revoked in accordance with those regulations or legislative rules, as the case may be, the Regulator must give a copy of the revocation to:
(a) the project proponent; and
(b) if the declaration relates to a sequestration offsets project--the relevant land registration official.