CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 210 How carbon units are relinquished
CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 210
How carbon units are relinquished(1) If a person is the registered holder of one or more carbon units, the person may, by electronic notice transmitted to the Regulator, relinquish any or all of those units.
(2) A notice under subsection (1) must:
(a) specify the carbon unit or units that are being relinquished; and
(b) if the carbon unit or units are being relinquished in order to comply with a requirement under the Jobs and Competitiveness Program--specify the requirement to which the relinquishment relates; and
(c) if the carbon unit or units are being relinquished in order to comply with an order under subsection 208(2) (fraudulent conduct)--specify the order to which the relinquishment relates; and
(d) 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 carbon unit or units that are being relinquished.
(3) If:
(a) a carbon unit is relinquished by a person; and
(b) the unit has a vintage year that is a fixed charge year;
then:
(c) the unit is cancelled; and
(d) the Regulator must remove the entry for the unit from the person's Registry account in which there is an entry for the unit.
(4) If:
(a) a carbon unit is relinquished by a person; and
(b) subsection (3) does not apply to the relinquishment of the unit;
then:
(c) the Regulator must transfer the unit from the person's Registry account in which there is an entry for the unit to the Commonwealth relinquished units account; and
(d) when the unit is transferred to the Commonwealth relinquished units account, property in the unit is transferred to the Commonwealth.
(5) The Registry must set out a record of each notice under subsection (1).