New Zealand Legislation: Acts

7 Minister of Finance may give directions to Registrar regarding accounts and units

• (1) The Minister of Finance may give directions to the Registrar to—

  • (a) establish the following accounts in the Registry for the Crown:

    • (i) a sink cancellation account:

    • (ii) a non-compliance cancellation account:

    • (iii) a general cancellation account:

    • (iv) a retirement account:

    • (v) a long-term certified emission reduction replacement account:

    • (vi) a temporary certified emission reduction replacement account:

    • (vii) a surrender account:

    • (viii) a conversion account:

  • (b) issue assigned amount units in the Registry:

  • (c) issue removal units or emission reduction units:

  • (d) transfer, subject to any prescribed restriction or prohibition, units (other than long-term certified emission reduction units or temporary certified emission reduction units) from holding accounts to the general cancellation account, the long-term certified emission reduction replacement account, the non-compliance cancellation account, the retirement account, the surrender account, the conversion account, the temporary certified emission reduction replacement account, or the sink cancellation account:

  • (da) transfer long-term certified emission reduction units or temporary certified emission reduction units from holding accounts to the general cancellation account, the long-term certified emission reduction replacement account, the temporary certified emission reduction replacement account, or the retirement account:

  • (e) carry-over assigned amount units, certified emission reduction units, and emission reduction units held in holding accounts:

  (2) Despite subsection (1), or any regulations made under this Act, the Minister of Finance may not give a direction to transfer units from an account held by an account holder other than the Crown to another account in the Registry, unless—

  • (a) the Minister of Finance has the written consent of the account holder; or

  • (b) if written consent is not given, the Minister of Finance gives the account holder reasonable notice and—

    • (i) the transfer is required to comply with New Zealand's obligations under the Protocol; or

    • (ii) the account holder has failed to comply with Part 2 or any regulations made under section 30G; or

  • (c) section 30F(3) applies.

  (3) For the purposes of subsection (2)(b)(i), reasonable notice means sufficient opportunity in the circumstances for the relevant account holder to make a written submission to the Minister of Finance on the transfer of the units before the units are transferred.

  Section 7(1)(a)(v): added, on 19 November 2007, by section 6(1) of the Climate Change Response Amendment Act 2006 (2006 No 59).

  Section 7(1)(a)(vi): added, on 19 November 2007, by section 6(1) of the Climate Change Response Amendment Act 2006 (2006 No 59).

  Section 7(1)(a)(vii): added, on 26 September 2008, by section 7(1) of the Climate Change Response (Emissions Trading) Amendment Act 2008 (2008 No 85).

  Section 7(1)(a)(viii): added, on 26 September 2008, by section 7(1) of the Climate Change Response (Emissions Trading) Amendment Act 2008 (2008 No 85).

  Section 7(1)(b): substituted, on 19 November 2007, by section 6(2) of the Climate Change Response Amendment Act 2006 (2006 No 59).

  Section 7(1)(d): substituted, on 19 November 2007, by section 6(3) of the Climate Change Response Amendment Act 2006 (2006 No 59).

  Section 7(1)(d): amended, on 26 September 2008, by section 7(2) of the Climate Change Response (Emissions Trading) Amendment Act 2008 (2008 No 85).

  Section 7(1)(d): amended, on 26 September 2008, by section 7(3) of the Climate Change Response (Emissions Trading) Amendment Act 2008 (2008 No 85).

  Section 7(1)(da): inserted, on 19 November 2007, by section 6(3) of the Climate Change Response Amendment Act 2006 (2006 No 59).

  Section 7(1)(e): substituted, on 19 November 2007, by section 6(4) of the Climate Change Response Amendment Act 2006 (2006 No 59).

  Section 7(1)(e): amended, on 26 September 2008, by section 7(4) of the Climate Change Response (Emissions Trading) Amendment Act 2008 (2008 No 85).

  Section 7(2): added, on 19 November 2007, by section 6(5) of the Climate Change Response Amendment Act 2006 (2006 No 59).

  Section 7(2)(b): substituted, on 26 September 2008, by section 7(5) of the Climate Change Response (Emissions Trading) Amendment Act 2008 (2008 No 85).

  Section 7(2)(c): added, on 26 September 2008, by section 7(5) of the Climate Change Response (Emissions Trading) Amendment Act 2008 (2008 No 85).

  Section 7(3): added, on 19 November 2007, by section 6(5) of the Climate Change Response Amendment Act 2006 (2006 No 59).