CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 211 Deemed relinquishment

CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 211

Scope

             (1)  This section applies if:

                     (a)  under this Act or the Jobs and Competitiveness Program, a person is subject to a requirement to relinquish a particular number of carbon units (the relinquishment number ); and

                     (b)  under this Act or the Jobs and Competitiveness Program, the Regulator is required to issue to the person a particular number of carbon units (the issue number ).

Deemed relinquishment

             (2)  If the issue number exceeds the relinquishment number:

                     (a)  the person is taken, immediately after the issue of the units mentioned in paragraph (1)(b) of this section, to have, by electronic notice transmitted to the Regulator under subsection 210(1), relinquished a number of those units equal to the relinquishment number; and

                     (b)  that notice is taken to have specified, as the units that are being relinquished, such units as are determined by the Regulator; and

                     (c)  that notice is taken to have specified the requirement mentioned in paragraph (1)(a) of this section as the requirement to which the relinquishment relates.

             (3)  If the relinquishment number equals or exceeds the issue number:

                     (a)  the person is taken, immediately after the issue of the units mentioned in paragraph (1)(b) of this section, to have, by electronic notice transmitted to the Regulator under subsection 210(1), relinquished all of the units mentioned in paragraph (1)(b) of this section; and

                     (b)  that notice is taken to have specified, as the units that are being relinquished, all of the units mentioned in paragraph (1)(b); and

                     (c)  that notice is taken to have specified the requirement mentioned in paragraph (1)(a) of this section as the requirement to which the relinquishment relates.