New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) The landowner is entitled to receive assigned amount units for the net increase in carbon stock by the forest sink area during the first commitment period.
(2) If the landowner is obliged to transfer units to the Crown, the units must be units that can be held and transferred from the landowner's holding account in the Registry.
(3) However, the Crown may, at its sole discretion, accept payment in New Zealand dollars for the value of the units that the landowner is obliged to transfer to the Crown.
(4) The landowner is entitled to receive units, of a type approved by the Minister, for the net increase in carbon stock by the forest sink area after the first commitment period.
(5) Prior to making a decision to approve a certain type of unit under subclause (4), the Minister must consult with the landowners that would be affected by the decision.
(6) Subclauses (1), (2), and (4) are subject to the terms of the relevant forest sink covenant.
(7) A landowner is not entitled to units under subclause (1) or (4) and is not obliged to transfer units to the Crown under subclause (2) unless the Minister has entered into a forest sink covenant with the landowner.
