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CARBON RIGHTS ACT 2003 - SECT 11

CARBON RIGHTS ACT 2003 - SECT 11

11 .         Registration of carbon covenant form to create carbon covenant

        (1)         A person may lodge with the Registrar, for registration, a form for the creation of a carbon covenant.

        (2)         A carbon covenant form cannot be registered unless —

            (a)         it is in a form approved by the Registrar;

            (b)         it contains a statement that it is for the creation of a carbon covenant under this Act;

            (c)         it contains a description of the carbon right in relation to which the proposed carbon covenant is to be created;

            (d)         it contains the land description for the land to be burdened by the proposed carbon covenant;

            (e)         it identifies, if the proposed carbon covenant is to be in respect of part only of the land referred to in paragraph (d), by way of words or a sketch, the part of the land that is the subject of the proposed carbon covenant;

            (f)         it contains the terms of the right, obligation or restriction that is the subject of the proposed carbon covenant;

            (g)         the proprietor of the proposed carbon covenant will be the proprietor of the relevant carbon right;

            (h)         it specifies —

                  (i)         the day on which the proposed carbon covenant is to commence, which cannot be before the day the relevant carbon right is created; and

                  (ii)         the term of the proposed carbon covenant, which cannot be longer than the term of the relevant carbon right;

                  (i)         it contains such other information as is prescribed by the regulations; and

            (j)         there is compliance with section 104G of the TLA.