In this Act, unless the contrary intention appears –

carbon sequestration , by a tree or forest, means the process by which the tree or forest absorbs carbon dioxide from the atmosphere;

carbon sequestration right , in relation to land, means a right conferred on a person (by agreement or otherwise) to the legal, commercial or other benefit (whether present or future) of carbon sequestration by any existing or future tree or forest on the land;

forestry covenant means –

(a) a covenant, whether positive or restrictive in effect, that is –

(i) incidental to a forestry right; and

(ii) contained in the instrument by which the forestry right is created or varied; and

(iii) registered under the Land Titles Act 1980 or the Registration of Deeds Act 1935 ; or

(b) a variation of any such covenant;

forestry right , in relation to land, means any (or any combination) of the following interests in the land granted by its owner:

(a) ownership of trees;

(b) a carbon sequestration right;

(c) a right to establish, maintain or harvest, or maintain and harvest, trees –

together with –

(d) any ancillary rights of access or of constructing or using tracks, culverts, bridges, buildings or other works or facilities in connection with the enjoyment of the interest, whether or not those ancillary rights are coupled with obligations; and

(e) any provisions for charges, payments or royalties or for the division of trees or the proceeds of trees, whether or not those provisions are coupled with obligations;

grantee , in relation to the grant of a forestry right over land, means the person to whom the owner of the land grants the forestry right;

land has the meaning assigned to that expression in the Land Titles Act 1980 ;

owner of land , in relation to land over which a forestry right is granted, means –

(aa) in the case of Crown land that is permanent timber production zone land within the meaning of the Forest Management Act 2013 –

(i) the Crown; or

(ii) the Forestry corporation continued by section 6 of the Forest Management Act 2013 ; or

(ab) in the case of other Crown land –

(i) the Crown; or

(ii) an Agency or instrumentality of the Crown that, by virtue of an Act, has exclusive or primary responsibility for the management of the land; or

(a) in the case of land held in fee simple, the person in whom the estate of fee simple is vested; or

(b) in the case of land held under a tenancy for life, the person who is the life tenant; or

(c) in the case of land held under a lease for a term of not less than 99 years, the person who is the lessee of the land; or

(d) in the case of land that is not registered under the Land Titles Act 1980 and is subject to a mortgage, the person having for the time being the equity of redemption in that mortgage; or

(e) in the case of land held under any other interest declared by the regulations to be an interest for the purposes of this definition, the person who is the holder of the land under that interest;

trees has the meaning assigned to that expression in the Forest Management Act 2013 .