(1)  The Minister –

(a) after having regard to the conservation or protection of natural values and cultural heritage; and

(b) if of the opinion that an offset is no longer required  –

may direct the Secretary to cancel the registration of the offset.

(2)  On receipt of a direction under subsection (1) , the Secretary is to –

(a) cancel the registration of the relevant offset by removing it from the offsets register; and

(b) notify the following persons, in writing, of the cancellation of the registration of the registered offset:

(i) if the registered offset relates to land – the owner of the land;

(ii) if the registered offset relates to water – the owner of the dam to which the registered offset relates.