FOREST PROPERTY ACT 2000 - SECT 3A
FOREST PROPERTY ACT 2000 - SECT 3A
3A—Carbon absorption capacity of the forest vegetation to be a form of
property
(1) The capacity of
forest vegetation to absorb carbon from the atmosphere
is a form of property (a "carbon right") in the nature of a chose in action.
(2) A carbon right
attaches to the forest vegetation to which it relates, and ownership of the
right passes with ownership of the forest vegetation unless ownership of the
right is separated from ownership of the forest vegetation under a forest
property agreement.
(3) A forest property
agreement may relate to carbon rights in respect of the past absorption of
carbon from the atmosphere as well as to those in respect of the absorption of
carbon from the atmosphere during the currency of the agreement.