33Voluntary revocation of declaration of eligible offsets project—no units issued

33 Voluntary revocation of declaration of eligible offsets project—no 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) no 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. (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.