Document ID: chunk:federal_register_of_legislation:C2024C00490:section:43:p1
Version: federal_register_of_legislation:C2024C00490
Segment Type: section
Provision Reference: s 43 (pt 1/5)
Character Range: 118800–121322

43  Eligible interest in an area of land—applicable carbon sequestration right

Eligible interest
 (1A) For the purposes of this Act, if a person holds the applicable carbon sequestration right in relation to a project area of a sequestration offsets project, the applicable carbon sequestration right is an eligible interest held by the person in the project area.

Torrens system land
 (1) For the purposes of the application of this Act to a sequestration offsets project, if:
 (a) an area of land is a project area for the project; and
 (b) the area of land is Torrens system land; and
 (c) a person holds a legal estate or interest in the area of land; and
 (d) the estate or interest is registered under a Torrens system of registration; and
 (e) as a result of holding the estate or interest, the person has the exclusive legal right to obtain the benefit (whether present or future) of sequestration of carbon in the relevant carbon pool on the area of land;
the estate or interest is the applicable carbon sequestration right held by the person in relation to the project area.
Note: See subsections (9) and (10), which deal with certain native title land.
 (2) For the purposes of the application of this Act to a sequestration offsets project, if:
 (a) an area of land is a project area for the project; and
 (b) the area of land is Torrens system land; and
 (c) a person has the exclusive legal right to obtain the benefit (whether present or future) of sequestration of carbon in the relevant carbon pool on the area of land; and
 (d) the right is registered under a Torrens system of registration; and
 (e) under a law of a State or Territory, the right is, or is taken to be, an estate or interest in land;
the exclusive right is the applicable carbon sequestration right held by the person in relation to the project area.
Note: See subsections (9) and (10), which deal with certain native title land.
 (3) For the purposes of the application of this Act to a sequestration offsets project, if:
 (a) an area of land is a project area for the project; and
 (b) the area of land is Torrens system land; and
 (c) a person has the exclusive legal right to obtain the benefit (whether present or future) of sequestration of carbon in the relevant carbon pool on the area of land; and
 (d) either:
 (i) the right is registered under a Torrens system of registration; or
 (ii) the area of land is Torrens system land, and the right is noted on the relevant certificate of title; and
 (e) under a law of a State or