Document ID: chunk:federal_register_of_legislation:C2024C00490:section:27:p3
Version: federal_register_of_legislation:C2024C00490
Segment Type: section
Provision Reference: s 27 (pt 3/4)
Character Range: 88322–91075

that are for the purposes of the project;
 (f) in the case of a sequestration offsets project—installing an irrigation or drainage system for the purposes of the project.
 (4D) For the purposes of paragraph (4C)(a), final investment decision has the meaning generally accepted within the corporate finance community.
 (4E) For the purposes of paragraph (4C)(b), disregard an asset that is a minor asset.
 (5) The requirements mentioned in paragraph (4)(g) are:
 (a) the project area is Torrens system land or Crown land; and
 (b) the project area is not specified in the regulations or the legislative rules.
Note: For specification by class, see subsection 13(3) of the Legislation Act 2003.
 (10) The Regulator must not make a declaration under subsection (2) if:
 (a) the project is an area‑based offsets project; and
 (b) the project area is, or any of the project areas are, to any extent subject to a carbon maintenance obligation.
 (11) The Regulator must not make a declaration under subsection (2) in relation to a project (the new project) if:
 (a) a notice was given under section 88, 89, 90 or 91 in relation to a project (the prior project) that is or was:
 (i) an eligible offsets project; and
 (ii) a sequestration offsets project; and
 (aa) the new project is an area‑based offsets project; and
 (b) the project area, or any of the project areas, for the new project was or were identified in the relevant section 27 declaration as the project area or project areas for the prior project; and
 (c) the notice required a person to relinquish a particular number of Australian carbon credit units; and
 (d) the person did not comply with the requirement within 90 days after the notice was given; and
 (e) the penalty payable under section 179 in respect of the non‑compliance with the requirement (including any late payment penalty payable under section 180 in relation to the section 179 penalty) has not been paid in full.

Timing
 (14) The Regulator must take all reasonable steps to ensure that a decision is made on the application:
 (a) if the Regulator requires the applicant to give further information under subsection 24(1) in relation to the application—within 90 days after the applicant gave the Regulator the information; or
 (c) otherwise—within 90 days after the application was made.

When a declaration takes effect
 (15) A declaration under subsection (2) takes effect when it is made.

Notification of declaration
 (17) As soon as practicable after making a declaration under subsection (2), the Regulator must give a copy of the declaration to:
 (a) the applicant; and
 (b) if the declaration relates to a sequestration offsets project—the relevant land registration official.

Refusal
 (18) If the Regulator decides