(1) A carbon covenant
may be wholly or partially surrendered by an instrument of surrender in an
approved form that is signed by each proprietor of —
(a) the
carbon covenant; and
(b) the
burdened land that is the subject of the surrender.
(2) An instrument of
surrender of a carbon covenant shall not be registered unless —
(a) the
following have been surrendered, discharged or withdrawn —
(i)
each registered interest in the carbon covenant or the
part of the carbon covenant to be surrendered;
(ii)
any caveat lodged in respect of the carbon covenant or
the part of the covenant to be surrendered;
and
(b) the
instrument is accompanied by the prescribed fee.
(3) If a carbon
covenant applies in respect of Crown land, an instrument of surrender of the
carbon covenant shall not be registered unless there is compliance with
section 18 of the Land Administration Act 1997 .
[Section 104L inserted: No. 56 of 2003 s. 14.]
[Heading inserted: No. 56 of 2003 s. 14.]