New South Wales Bills Explanatory Notes New South Wales Bills Explanatory Notes[Index] [Search] [Download] [Bill] [Help]
Amendment Bill 1998
Explanatory note
This explanatory note relates to this Bill as introduced into
(a)
to amend the Conveyancing Act 1919:
(i)
to recognise that rights associated with carbon sequestered from
the atmosphere by trees and forests may be a kind of forestry
tight and can be the subject of certain forestry covenants, and
(ii)
to make it clear that an obligation in respect of the vesting of
ownership of trees on land that is the subject of a forestry right
may constitute a forestry covenant, and
(iii) to
the elements of the existing definition of forestry right
by making it clear that a forestry right exists if an interest in land
entitles its holder to enter the land and to establish, maintain and
Amended in committee--see table at end of volume
harvest (or to just maintain and harvest) a crop of trees on the
land even if no entitlement is also conferred to construct and use
buildings, works and other facilities on the land, and
(iv) to provide for matters of a savings or transitional nature,
to amend the Forestry Act 1916 to enable the Forestry Commission to
acquire and trade in such rights, provide various services to investors
and incorporate a corporation (whether by joining with any other
person or otherwise) to assist it in exercising its functions,
to amend the Electricity (Pacific Power) Act 1950 and Energy Services
Corporations Act 1995 to enable electricity generators and distributors
to trade in such rights.
Clause 2 provides for the commencement of the proposed Act on a day or
days to be appointed by proclamation.
Clause 3 is a formal provision giving effect to the amendments to the Acts
set out in Schedules 14.
Schedules 14 make the amendments to the Conveyancing Act 1919.
Electricity (Pacific Power) Act 1950, Energy Services Corporations Act 1995
and Forestry Act 1916 described above.
Explanatory note page 2