Document ID: chunk:federal_register_of_legislation:C2012A00204:clause:1_66e
Version: federal_register_of_legislation:C2012A00204
Segment Type: clause
Provision Reference: sch 1 cl 66E
Character Range: 21008–22825

66E  Transfer of certain units instead of relinquishment of Australian‑issued international units

Scope
 (1) This section applies if, under this Act, a person is required to relinquish a particular number of Australian‑issued international units.

Transfer of certain units instead of relinquishment
 (2) The person may:
 (a) transfer to the Commonwealth an equal number of substitute units; and
 (b) by electronic notice transmitted to the Regulator, inform the Regulator that the transfer is instead of the relinquishment of the Australian‑issued international units.
Note: For substitute unit, see subsection (6).
 (3) A notice under subsection (2) must:
 (a) specify the substitute units that are being transferred; and
 (b) specify the requirement concerned.
 (4) A transfer under subsection (2) must be in accordance with the regulations.

Consequences of transfer
 (5) If the person transfers the substitute units specified in the notice under subsection (2), this Act (other than sections 63D and 63G and subsection 66D(3)) has effect as if the person had relinquished the Australian‑issued international units in order to comply with the requirement concerned.
 (6) If the person transfers the substitute units specified in the notice under subsection (2):
 (a) the units are cancelled; and
 (b) the Regulator must remove the entries for the units from the person's Registry account or accounts in which there are entries for the units; and
 (c) the Regulator must take such other steps (if any) as are required by the regulations.

Substitute unit
 (7) For the purposes of this section, each of the following is a substitute unit:
 (a) a carbon unit;
 (b) an eligible Australian carbon credit unit (within the meaning of the Clean Energy Act 2011).

Division 4—Compliance with relinquishment requirements