Commonwealth Consolidated Acts

CARBON CREDITS (CARBON FARMING INITIATIVE) ACT 2011 - SECT 77A

Notice dividing the overall project into 2 or more parts

  (1)   The project proponent for an eligible offsets project (the overall project ) may, by written notice given to the Regulator, choose to:

  (a)   divide the overall project into 2 or more specified parts, for the purposes of the application of this section to a specified period that ends after the notice is given; and

  (b)   give the Regulator:

  (i)   offsets reports; and

  (ii)   applications for certificates of entitlement;

    for that period as if each of those parts were an eligible offsets project in its own right.

  (2)   The division of the overall project must comply with such requirements (if any) as are set out in the applicable methodology determination for the overall project.

Consequences of notice

  (3)   If a notice has been given under subsection   (1):

  (a)   this Division has effect, in relation to an offsets report for the period specified in the notice, as if:

  (i)   each such part of the overall project was an eligible offsets project in its own right; and

  (ii)   the project proponent for each such part of the overall project was the project proponent for the overall project; and

  (iii)   each such part of the overall project was the subject of a section   27 declaration that took effect when the section   27 declaration of the overall project took effect; and

  (iv)   this Division did not require the giving of an offsets report for the whole of the overall project; and

  (b)   Part   2 has effect, in relation to:

  (i)   a certificate of entitlement; and

  (ii)   an application for a certificate of entitlement;

    for the period specified in the notice, as if:

  (iii)   each such part of the overall project was an eligible offsets project in its own right; and

  (iv)   the project proponent for each such part of the overall project was the project proponent for the overall project; and

  (v)   a crediting period for each such part of the overall project was a crediting period for the overall project; and

  (vi)   each such part of the overall project was the subject of a section   27 declaration that took effect when the section   27 declaration of the overall project took effect, and that is subject to the same conditions (if any) as the section   27 declaration of the overall project; and

  (vii)   Part   2 prohibited the making of such an application for a certificate of entitlement in respect of the whole of the overall project; and

  (c)   for the purposes of this Act, treat Australian carbon credit units issued in relation to such a part of the overall project in accordance with Part   2 as if they had been issued in relation to the overall project in accordance with that Part.