Document ID: chunk:federal_register_of_legislation:C2024C00490:section:89
Version: federal_register_of_legislation:C2024C00490
Segment Type: section
Provision Reference: s 89
Character Range: 185347–187044

89  Requirement to relinquish—revocation of declaration of eligible offsets project

Scope
 (1) This section applies if:
 (a) an eligible offsets project is a sequestration offsets project; and
 (b) a number of Australian carbon credit units have been issued in relation to the project; and
 (c) the declaration of the project as an eligible offsets project is revoked under regulations or legislative rules made for the purposes of any of the following provisions:
 (i) subsection 35(1);
 (ii) subsection 36(1);
 (iii) subsection 37(1);
 (iv) subsection 38(1);
 (v) subsection 139(1); and
 (d) if the declaration has never been varied so as to add one or more project areas—the period that has passed since the first occasion on which an Australian carbon credit unit was issued in relation to the project in accordance with Part 2 is shorter than the permanence period for the project; and
 (e) if the declaration has been varied so as to add one or more project areas—the period that has passed since the last occasion on which the declaration was so varied is shorter than the permanence period for the project.

Relinquishment
 (2) The Regulator may, by written notice given to the project proponent for the project, require the project proponent to relinquish a specified number of Australian carbon credit units.
 (3) The specified number must not exceed the net total number of Australian carbon credit units issued in relation to the project in accordance with Part 2.
 (4) The project proponent must comply with the requirement within 90 days after the notice was given.
Note: An administrative penalty is payable under section 179 for non‑compliance with a relinquishment requirement.