Document ID: chunk:federal_register_of_legislation:C2014A00119:clause:1_390:p1
Version: federal_register_of_legislation:C2014A00119
Segment Type: clause
Provision Reference: sch 1 cl 390 (pt 1/2)
Character Range: 135100–137757

390  Transitional—permanence periods

Scope
(1) This item applies to a sequestration offsets project if:
 (a) a declaration relating to the project:
 (i) was made under subsection 27(2) of the old law before the commencement of this item; and
 (ii) was in force immediately before the commencement of this item; or
 (b) a declaration relating to the project:
 (i) was made under subsection 27(2) of the new law after the commencement of this item; and
 (ii) was made as the result of an ERF transitional application that was made before the commencement of this item.

Permanence period
(2) The project proponent in relation to the project may request the Regulator, in writing, that the project be treated as a 25‑year permanence period project. Such a request must be made within 24 months after the commencement of this item.
(3) If a request is made under subitem (2) in relation to the project, the declaration has, and is taken always to have had, effect, after whichever is the later of the following times:
 (a) the commencement of this item;
 (b) the time when the declaration is made;
as if the declaration had declared under paragraph 27(3)(f) of the new law that the project is a 25‑year permanence period project.
(4) If no request is made under subitem (2) in relation to the project, the declaration has, and is taken always to have had, effect, after whichever is the later of the following times:
 (a) the commencement of this item;
 (b) the time when the declaration is made;
as if the declaration had declared under paragraph 27(3)(e) of the new law that the project is a 100‑year permanence period project.

Relinquishment of Australian carbon credit units
(5) If:
 (a) a request is made under subitem (2) in relation to the project; and
 (b) Australian carbon credit units have been issued in relation to the project before the end of 24 months after the commencement of this item;
the Regulator may, by written notice given to the project proponent of the project, require the project proponent to relinquish a specified number of Australian carbon credit units.
(6) The specified number must be:
 (a) if the project is specified in a legislative instrument made by the Minister—the number ascertained in accordance with the instrument; or
 (b) otherwise—the number that is equal to 20% of the total number of Australian carbon credit units mentioned in paragraph (5)(b).
If the number worked out under paragraph (b) is not a whole number, it is to be rounded down to the nearest whole number.
(7) The project proponent must comply with the requirement:
 (a) within 90 days after the notice was given; or
 (b) if the Regulator allows a