CARBON RIGHTS ACT 2003 - SECT 14

CARBON RIGHTS ACT 2003 - SECT 14

14 .         Dealings in carbon covenants

        (1)         Subject to subsection (2), a carbon covenant can be —

            (a)         dealt with as a separate interest in the relevant carbon right;

            (b)         the subject of a caveat or process of execution.

        (2)         The proprietor of a carbon covenant must at all times be the proprietor of the relevant carbon right.

        (3)         The operation of subsection (1) is subject to —

            (a)         Part IV Division 2A of the TLA; and

            (b)         any provision of the TLA that applies by virtue of a carbon covenant being —

                  (i)         a separate interest in land;

                  (ii)         land within the meaning of the TLA;

                  (iii)         an encumbrance; or

                  (iv)         otherwise referred to in that provision.