32Voluntary revocation of declaration of eligible offsets project—units issued

#### 32 Voluntary revocation of declaration of eligible offsets project—units issued (1) The regulations or the legislative rules may make provision for and in relation to empowering the Regulator to revoke a declaration under section 27 in relation to an offsets project. (2) Regulations or legislative rules made for the purposes of subsection (1) must not empower the Regulator to revoke a declaration unless: (a) one or more Australian carbon credit units have been issued in relation to the project in accordance with Part 2; and (b) the project proponent for the project applies to the Regulator for the revocation of the declaration; and (c) if the project is a sequestration offsets project: (i) before the application was made, the applicant voluntarily relinquished a number of Australian carbon credit units in order to satisfy a condition for the revocation of the declaration; and (ii) the number of relinquished units equals the net total number of Australian carbon credit units issued in relation to the project in accordance with Part 2. (3) Regulations or legislative rules made for the purposes of subsection (1) may make provision for or in relation to either or both of the following matters: (a) applications for revocations under those regulations or legislative rules, as the case may be; (b) the approval by the Regulator of a form for such an application. (4) Subsection (3) does not limit subsection (1). (5) Regulations or legislative rules made for the purposes of subsection (1) must provide that, if a declaration of an eligible offsets project is revoked in accordance with those regulations or legislative rules, as the case may be, the Regulator must give a copy of the revocation to: (a) the applicant for the revocation; and (b) if the declaration relates to a sequestration offsets project—the relevant land registration official.