South Australian Numbered Acts

FOREST PROPERTY (CARBON RIGHTS) AMENDMENT ACT 2006 (NO 36 OF 2006) - SECT 5

5—Insertion of section 3A

After section 3 insert:

3A—Carbon absorption capacity of the forest vegetation to be a form of property

        (1)         The capacity of forest vegetation to absorb carbon from the atmosphere is a form of property (a "carbon right") in the nature of a chose in action.

        (2)         A carbon right attaches to the forest vegetation to which it relates, and ownership of the right passes with ownership of the forest vegetation unless ownership of the right is separated from ownership of the forest vegetation under a forest property agreement.

        (3)         A forest property agreement may relate to carbon rights in respect of the past absorption of carbon from the atmosphere as well as to those in respect of the absorption of carbon from the atmosphere during the currency of the agreement.