Commonwealth Consolidated Acts

CARBON CREDITS (CARBON FARMING INITIATIVE) ACT 2011 - SECT 49

Scope

  (1)   This section applies if a registered native title body corporate is taken, under section   46, to be the project proponent for an eligible offsets project.

Application for issue of Australian carbon credit units

  (2)   If the registered native title body corporate makes an application under section   12 for the issue of a certificate of entitlement in respect of the project for a reporting period, paragraph   13(1)(c) does not apply to the application.

Note:   Paragraph   13(1)(c) requires the application to set out the account number of a Registry account.

Issue of Australian carbon credit units

  (3)   If:

  (a)   a special native title account for the project is kept in the name of the registered native title body corporate; and

  (b)   apart from this subsection, the Regulator is required under section   11 to issue one or more Australian carbon credit units to the registered native title body corporate in relation to the eligible offsets project;

then:

  (c)   the Regulator must comply with the requirement by issuing the units to the registered native title body corporate and making an entry for the units in the special native title account; and

  (d)   subsections   11(5) and (6) do not apply to the issue of the units.

  (4)   If:

  (a)   there is not a special native title account for the project; and

  (b)   apart from this subsection, the Regulator is required under section   11 to issue one or more Australian carbon credit units to the registered native title body corporate in relation to the eligible offsets project;

the Regulator must not issue the units.