43Eligible interest in an area of land—applicable carbon sequestration right

#### 43 Eligible interest in an area of land—applicable carbon sequestration right Eligible interest (1A) For the purposes of this Act, if a person holds the applicable carbon sequestration right in relation to a project area of a sequestration offsets project, the applicable carbon sequestration right is an eligible interest held by the person in the project area. Torrens system land (1) For the purposes of the application of this Act to a sequestration offsets project, if: (a) an area of land is a project area for the project; and (b) the area of land is Torrens system land; and (c) a person holds a legal estate or interest in the area of land; and (d) the estate or interest is registered under a Torrens system of registration; and (e) as a result of holding the estate or interest, the person has the exclusive legal right to obtain the benefit (whether present or future) of sequestration of carbon in the relevant carbon pool on the area of land; the estate or interest is the applicable carbon sequestration right held by the person in relation to the project area. > Note: See subsections (9) and (10), which deal with certain native title land. (2) For the purposes of the application of this Act to a sequestration offsets project, if: (a) an area of land is a project area for the project; and (b) the area of land is Torrens system land; and (c) a person has the exclusive legal right to obtain the benefit (whether present or future) of sequestration of carbon in the relevant carbon pool on the area of land; and (d) the right is registered under a Torrens system of registration; and (e) under a law of a State or Territory, the right is, or is taken to be, an estate or interest in land; the exclusive right is the applicable carbon sequestration right held by the person in relation to the project area. > Note: See subsections (9) and (10), which deal with certain native title land. (3) For the purposes of the application of this Act to a sequestration offsets project, if: (a) an area of land is a project area for the project; and (b) the area of land is Torrens system land; and (c) a person has the exclusive legal right to obtain the benefit (whether present or future) of sequestration of carbon in the relevant carbon pool on the area of land; and (d) either: (i) the right is registered under a Torrens system of registration; or (ii) the area of land is Torrens system land, and the right is noted on the relevant certificate of title; and (e) under a law of a State or Territory, the right runs with the relevant land; the exclusive right is the applicable carbon sequestration right held by the person in relation to the project area. > Note: See subsections (9) and (10), which deal with certain native title land. Crown land that is not Torrens system land (4) For the purposes of the application of this Act to a sequestration offsets project, if: (a) an area of land is a project area for the project; and (b) the area of land is Crown land in a State or Territory; and (c) the area of land is not Torrens system land; and (d) a person (other than the Commonwealth, the State, the Territory or a statutory authority of the Commonwealth, the State or the Territory) holds a legal estate or interest in the area of land; and (e) as a result of holding the estate or interest, the person has the exclusive legal right to obtain the benefit (whether present or future) of sequestration of carbon in the relevant carbon pool on the area of land; the estate or interest is the applicable carbon sequestration right held by the person in relation to the project area. > Note: See subsections (9) and (10), which deal with certain native title land. (5) For the purposes of the application of this Act to a sequestration offsets project, if: (a) an area of land is a project area for the project; and (b) the area of land is Crown land in a State or Territory; and (c) the area of land is not Torrens system land; and (d) a person (other than the Commonwealth, the State, the Territory or a statutory authority of the Commonwealth, the State or the Territory) has the exclusive legal right to obtain the benefit (whether present or future) of sequestration of carbon in the relevant carbon pool on the area of land; and (e) under a law of the State or Territory, the right is, or is taken to be, an estate or interest in land; the exclusive right is the applicable carbon sequestration right held by the person in relation to the project area. > Note: See subsections (9) and (10), which deal with certain native title land. (6) For the purposes of the application of this Act to a sequestration offsets project, if: (a) an area of land is a project area for the project; and (b) the area of land is Crown land in a State or Territory; and (c) the area of land is not Torrens system land; and (d) a person (other than the Commonwealth, the State, the Territory or a statutory authority of the Commonwealth, the State or the Territory) has the exclusive legal right to obtain the benefit (whether present or future) of sequestration of carbon in the relevant carbon pool on the area of land; and (e) under a law of the State or Territory, the right runs with the relevant land; and (f) it is not the case that under a law of the State or Territory, the right is, or is taken to be, an estate or interest in land; the exclusive right is the applicable carbon sequestration right held by the person in relation to the project area. > Note: See subsections (9) and (10), which deal with certain native title land. (7) For the purposes of the application of this Act to a sequestration offsets project, if: (aa) an area of land is a project area for the project; and (a) the area of land is Crown land; and (b) the area of land is not Torrens system land; and (c) as a result of the area being Crown land: (i) the Commonwealth; or (ii) a statutory authority of the Commonwealth; has the exclusive legal right to obtain the benefit (whether present or future) of sequestration of carbon dioxide by trees on the area of land; the exclusive right is the applicable carbon sequestration right held by the Commonwealth or statutory authority, as the case may be, in relation to the project area. > Note: See subsections (9) and (10), which deal with certain native title land. (8) For the purposes of the application of this Act to a sequestration offsets project, if: (a) an area of land is a project area for the project; and (b) the area of land is Crown land in a State or Territory; and (c) the area of land is not Torrens system land; and (d) as a result of the area of land being Crown land: (i) the State or Territory; or (ii) a statutory authority of the State or Territory; has the exclusive legal right to obtain the benefit (whether present or future) of sequestration of carbon in the relevant carbon pool on the area of land; the exclusive right is the applicable carbon sequestration right held by the State, Territory or statutory authority, as the case may be, in relation to the project area. > Note: See subsections (9) and (10), which deal with certain native title land. Native title land (9) For the purposes of the application of this Act to a sequestration offsets project, if: (a) an area of land is a project area for the project; and (b) the area of land is native title land; and (c) there is a registered native title body corporate for the area of land; and (d) as a result of holding the native title, the native title holder has the exclusive legal right to obtain the benefit (whether present or future) of sequestration of carbon dioxide in the relevant carbon pool on the area of land; then: (e) subsections (1), (2), (3), (4), (5), (6), (7) and (8) do not apply in relation to the area of land; and (f) the native title is the applicable carbon sequestration right held by the native title holder in relation to the project area. (10) For the purposes of the application of this Act to a sequestration offsets project, if: (a) an area of land is a project area for the project; and (b) the area of land is native title land; and (c) as a result of holding the native title, the native title holder has the exclusive legal right to obtain the benefit (whether present or future) of sequestration of carbon dioxide in the relevant carbon pool on the area of land; and (d) the exclusive right can be exercised by another person under a registered indigenous land use agreement that is: (i) with the registered native title body corporate in relation to the area of land; and (ii) covered by section 24BA of the Native Title Act 1993; then: (e) subsections (1), (2), (3), (4), (5), (6), (7) and (8) do not apply in relation to the area of land; and (f) the exclusive right is the applicable carbon sequestration right held by the other person in relation to the project area. Regulations or legislative rules (11) For the purposes of the application of this Act to a sequestration offsets project, if: (a) an area of land is a project area for the project; and (b) a person has: (i) a prescribed right in relation to the area of land; or (ii) a prescribed estate in the area of land; or (iii) a prescribed interest in the area of land; the prescribed right, prescribed estate or prescribed interest, as the case may be, is the applicable carbon sequestration right held by the person in relation to the project area.