New Zealand Legislation: Acts
Acts are laws made by Parliament
Without limiting the content of forest sink covenants, a forest sink covenant may—
(a) specify any or all of the following:
(i) the obligations of any landowner for monitoring and administrative costs:
(ii) the rights of any landowner with respect to receiving units based on carbon sequestration:
(iii) any exceptions to the covenant to control the harvesting of timber, including (but not limited to) the use of plants for traditional Maori purposes:
(iv) access to the land by the Secretary, or any of its contractors or agents, to—
(A) verify carbon inventories; and
(B) monitor compliance with the forest sink covenant:
(v) the obligations of any landowner to meet any liabilities to the Crown arising if there is a loss of carbon from the landowner's forest sink:
(vi) a requirement, including (but not limited to) an ongoing obligation, for the landowner to provide a guarantor or insurer, or any other risk management arrangement that the Minister considers appropriate, to meet any obligations of the landowner under the Act or the forest sink covenant in the event of the landowner's default:
(vii) a requirement to control the harvesting of timber:
(viii) a requirement to include a forest sink management plan:
(b) be expressed to—
(i) have effect in perpetuity; and
(ii) terminate if certain circumstances arise or certain conditions are met; and
(iii) provide obligations if certain circumstances arise or certain conditions are met; and
(iv) come into effect when registered; and
(v) expire unless registered within 180 days of being agreed:
(c) be varied or cancelled by agreement between the landowner and the Minister if that agreement is registered under section 67ZD.
Part 3B (comprising sections 67W to 67ZU) was inserted, as from 14 November 2006, by section 31(4) Climate Change Response Amendment Act 2006 (2006 No 59).
