Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Carbon Credits (Carbon Farming Initiative) Act 2011
1 Section 5 (definition of foreign account )
Omit "foreign non - Kyoto registry", substitute "foreign registry".
2 Section 5 (definition of foreign non - Kyoto registry )
Repeal the definition.
3 Section 5
Insert:
"foreign registry" has the same meaning as in the Australian National Registry of Emissions Units Act 2011 .
4 Subsection 7(6)
Omit "subsections 14(3) and (4)", substitute "section 14A".
5 After subsection 16(2)
Insert:
Prescribed non - CFI offsets scheme
(2A) If the project area for the project is or was, or the project areas for the project are or were, wholly or partly covered by a prescribed non - CFI offsets scheme, the number worked out using the formula in subsection (2) is to be reduced by the number ascertained in accordance with the regulations.
6 Before subsection 16(3)
Insert:
Rounding down
7 After subsection 17(3)
Insert:
Prescribed non - CFI offsets scheme
(3A) If the project area for the project is or was, or the project areas for the project are or were, wholly or partly covered by a prescribed non - CFI offsets scheme, the number worked out using the formula in subsection (2) or (3) is to be reduced by the number ascertained in accordance with the regulations.
8 At the end of section 18
Add:
Prescribed non - CFI offsets scheme
(3) If the project area for the project is or was, or the project areas for the project are or were, wholly or partly covered by a prescribed non - CFI offsets scheme, the number of tonnes referred to in subsection (2) is to be reduced by the number ascertained in accordance with the regulations.
9 Subparagraph 23(1)(e)(i)
Omit "was, or the project areas for the project were", substitute "is or was, or the project areas for the project are or were".
10 After subparagraph 23(1)(e)(i)
Insert:
(ia) the prescribed non - CFI offsets scheme is specified in regulations made for the purposes of this subparagraph; and
11 Paragraph 27(4)(m)
Omit "project; and", substitute "project.".
12 Paragraph 27(4)(n)
Repeal the paragraph.
13 After subsection 41(4)
Insert:
(4A) Paragraph (1)(b) does not apply to a requirement of a kind specified in the regulations.
(4B) Subsection (4A) does not, by implication, limit the application of subsection 13(3) of the Legislative Instruments Act 2003 to another instrument under this Act.
14 At the end of section 41
Add:
Regulations
(6) If:
(a) regulations specifying a particular kind of project were made for the purposes of paragraph (1)(a), in accordance with section 4 of the Acts Interpretation Act 1901 , during the period:
(i) beginning at the commencement of section 1; and
(ii) ending at the commencement of section 3; and
(b) before recommending to the Governor - General that those regulations should be made, the Minister requested the Interim Domestic Offsets Integrity Committee to advise the Minister about whether such a project should, or should not, be specified in those regulations; and
(c) the Minister had regard to any such advice;
this Act has effect, and is taken always to have had effect, as if the Minister had, before recommending to the Governor - General that those regulations should be made:
(d) requested the Domestic Offsets Integrity Committee to advise the Minister about whether such a project should, or should not, be specified in those regulations; and
(e) complied with paragraph (3)(c); and
(f) complied with subsection (5).
15 At the end of subsection 95(2)
Add:
; and (c) if the project is a landfill legacy emissions avoidance project--paragraph 41(1)(b) had not been enacted.
16 Subsection 95(3)
Omit "was, or the project areas were", substitute "is or was, or the project areas are or were".
17 At the end of subsection 95(3)
Add "that is specified in regulations made for the purposes of subparagraph 23(1)(e)(ia)".
18 Subsection 131(3) (heading)
Repeal the heading, substitute:
Effect
19 At the end of section 131
Add:
(4) If:
(a) before the commencement of this section, the Interim Domestic Offsets Integrity Committee published on the Department's website:
(i) the proposal; and
(ii) a notice inviting the public to make a submission to the Committee on the proposal by a specified time limit; and
(b) the time limit was not shorter than 30 days;
this Act has effect, and is taken always to have had effect, as if the Domestic Offsets Integrity Committee had complied with paragraph 112(5)(a) and subsection 112(6) in relation to the proposal.
(5) If:
(a) before the commencement of this section, the Interim Domestic Offsets Integrity Committee received any submissions in accordance with a notice referred to in subsection (4) in relation to the proposal; and
(b) before the commencement of this section, the Interim Domestic Offsets Integrity Committee:
(i) considered the submissions; and
(ii) published the submissions on the Department's website;
this Act has effect, and is taken always to have had effect, as if the Domestic Offsets Integrity Committee had complied with paragraph 112(5)(b) and subsection 112(11) in relation to the proposal.
(6) Subparagraph (5)(b)(ii) does not apply in relation to a particular submission made by a person if the person has requested the Interim Domestic Offsets Integrity Committee not to publish the submission on the ground that publication of the submission could reasonably be expected to substantially prejudice the commercial interests of the person or another person.
(7) If:
(a) before the commencement of this section, the Interim Domestic Offsets Integrity Committee received any submissions in accordance with a notice referred to in subsection (4) in relation to a proposal; and
(b) paragraph (5)(b) does not apply in relation to the submissions;
this Act has effect, and is taken always to have had effect, as if the Domestic Offsets Integrity Committee had received the submissions under subsection 112(5) within the time limit referred to in subparagraph 112(5)(a)(ii).
20 After section 150
Insert:
150A Ownership of Australian carbon credit unit
(1) The registered holder of an Australian carbon credit unit:
(a) is the legal owner of the unit; and
(b) may, subject to this Act and the Australian National Registry of Emissions Units Act 2011 , deal with the unit as its legal owner and give good discharges for any consideration for any such dealing.
(2) Subsection (1) only protects a person who deals with the registered holder of the unit as a purchaser:
(a) in good faith for value; and
(b) without notice of any defect in the title of the registered holder.
21 Subsection 152(1)
After "Australian carbon credit unit", insert "for which there is an entry in a Registry account".
22 Subsection 153(1)
After "Australian carbon credit unit", insert "for which there is an entry in a Registry account".
22A After subsection 153(1)
Insert:
Effect of transmission
(1A) The transmission is of no force until the Administrator transfers the Australian carbon credit unit under subsection (7) or (8).
23 After section 157
Insert:
157A Registration of equitable interests in relation to an Australian carbon credit unit
(1) The regulations may make provision for or in relation to the registration in the Registry of equitable interests in relation to Australian carbon credit units.
(2) Subsection (1) does not apply to an equitable interest that is a security interest within the meaning of the Personal Property Securities Act 2009 , and to which that Act applies.
24 Paragraph 162(a)
Omit "before 31 December 2011", substitute "within 6 months after the commencement of this section".
25 Subsection 257(3)
Repeal the subsection, substitute:
(3) The Minister must ensure that the Chair of the Domestic Offsets Integrity Committee is not a person covered by subsection (4).
26 Subsection 257(6)
Omit "one Domestic Offsets Integrity Committee member is an officer", substitute "at least one, and not more than 2, Domestic Offsets Integrity Committee members are officers".
27 Paragraph 276(1)(b)
Repeal the paragraph, substitute:
(b) Low Carbon Australia Limited (ACN 141 478 748);
(ba) the Australian Transaction Reports and Analysis Centre;
28 Section 280
Omit "is already publicly available", substitute "has already been lawfully made available to the public".