Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If a person is the registered holder of one or more Australian carbon credit units, the person may, by electronic notice transmitted to the Regulator, request the Regulator to cancel any or all of those units.
(2) A notice under subsection (1) must:
(a) specify the Australian carbon credit unit or units that are to be cancelled; and
(b) specify the account number or account numbers of the person's Registry account, or the person's Registry accounts, in which there is an entry or entries for the Australian carbon credit unit or units that are to be cancelled.
(3) If the Regulator receives a notice under subsection (1) in relation to an Australian carbon credit unit:
(a) the unit is cancelled; and
(b) the Regulator must remove the entry for the unit from the person's Registry account in which there is an entry for the unit; and
(c) if the unit is a Kyoto Australian carbon credit unit:
(i) the Minister must, by written notice given to the Regulator, direct the Regulator to transfer a Kyoto unit from a Commonwealth holding account to a voluntary cancellation account before the end of the true - up period for the relevant commitment period; and
(ii) the Regulator must comply with a direction under subparagraph (i).
(4) The Registry must set out a record of each notice under
subsection (1).