New Zealand Legislation: Regulations

10 Nuclear energy

• (1) No account holder may hold any units arising from—

  • (a) joint implementation projects that involve nuclear energy; or

  • (b) clean development mechanism projects that involve nuclear energy.

  (2) If the Registrar is satisfied that units in respect of nuclear energy are registered or otherwise recorded in the unit register, then—

  • (a) the Registrar must serve notice on the account holder that—

    • (i) the units must be transferred out of New Zealand within 30 days after the day on which the notice is served on the account holder; and

    • (ii) the Registrar will cancel any of the units that are not transferred out of New Zealand within the period specified in subparagraph (i); and

  • (b) the account holder must transfer the units out of New Zealand within 30 days after the day on which the notice is served on the account holder; and

  • (c) the Registrar must not register any transfer of the units from the account holder’s holding account to any other holding account in the unit register; and

  • (d) if the units are not transferred out of New Zealand within 30 days after the day on which the notice is served on the account holder, the Registrar must cancel those units.

  (3) If units in respect of nuclear energy have been transferred to a surrender account or a cancellation account,—

  • (a) the Registrar must—

    • (i) reverse the transfer; and

    • (ii) notify the relevant account holder that the transfer has been reversed; and

    • (iii) for the purposes of surrendering or cancelling units, treat the transfer as if it had never taken place; and

  • (b) the Registrar and the relevant account holder must comply with subclause (2).