New Zealand Legislation: Bills
Bills are proposed Acts
The following sections are inserted after section 18C:
“18CA Effect of surrender, retirement, and cancellation
“(1) A unit that is transferred to a cancellation account may not be further transferred, retired, surrendered, carried over, or cancelled.
“(2) A Kyoto unit that is transferred to—
“(a) a retirement account may not be further transferred, retired, surrendered, carried over, or cancelled; and
“(b) a surrender account may be further transferred only in accordance with subsection (3).
“(3) A Kyoto unit that is transferred to a surrender account may, in accordance with a direction from the Minister of Finance, be transferred to—
“(a) a retirement account or a cancellation account; or
“(b) a participant’s holding account, if the direction was given on receipt of a notice from the chief executive under section 112 (which relates to reimbursement of New Zealand units or approved overseas units).
“(4) A New Zealand unit or an approved overseas unit that is transferred to a surrender account may be further transferred only in accordance with a direction from the Minister of Finance given on receipt of a notice from the chief executive under section 112 (which relates to reimbursement of New Zealand units or approved overseas units).
“(5) A New Zealand unit that is transferred to a conversion account may not be surrendered, cancelled, or otherwise further transferred except as required by section 30E(4)(c).
“18CB Certain Kyoto units may not be surrendered
Despite anything in section 18C, the Registrar, with respect to any application to transfer Kyoto units issued in a relevant commitment period,—
“(a) may not, if the application is received in a subsequent commitment period, transfer those Kyoto units to a surrender account unless those Kyoto units have been carried over to the subsequent commitment period in accordance with this Act and any regulations made under this Act; and
“(b) must notify the applicant that the transfer may not proceed.”