New South Wales Consolidated Regulations

THREATENED SPECIES CONSERVATION (BIODIVERSITY BANKING) REGULATION 2008 - REG 29

29 Payment of management payments from Fund

(1) The Minister may direct the payment of amounts out of the Fund to the owner of a biobank site, as referred to in section 127ZW (3) (a) of the Act, so as to facilitate the payment of the management costs of the biobank site.

(2) The management costs of a biobank site are costs incurred or that may be incurred by the owner of a biobank site in respect of the management actions carried out, being carried out or to be carried out under the biobanking agreement, including, but not limited to, the following:

(a) any costs associated with project-managing the biobank site,

(b) labour and capital costs incurred in connection with the management actions required under the biobanking agreement (including the costs of raw materials and equipment),

(c) costs associated with complying with reporting or audit requirements under the biobanking scheme,

(d) any rates, taxes or charges levied on the biobank site or the management actions required under the biobanking agreement,

(e) any fees payable by the biobank site owner under the biobanking scheme (other than amounts payable to the Fund on a first transfer of biodiversity credits).

(3) Payments may be made in respect of any period after the relevant biobanking agreement is entered into.

(4) Any such payment is referred to in this Regulation as a "management payment".

(5) The maximum amount of the management payment for a particular period is the scheduled management payment for that period.

(6) The "scheduled management payment" for a period is the amount specified in the relevant biobanking agreement as the amount that will be paid (subject to this Part) to the owner of the biobank site, as a management payment, in respect of the relevant period if all conditions precedent to the payment that are specified in the agreement are met.