57Restructure of eligible offsets projects

#### 57 Restructure of eligible offsets projects (1) For the purposes of this section, if: (a) as the result of the variation or revocation of a section 27 declaration, an area of land (the relevant area) ceases to be, or ceases to be part of, the project area, or any of the project areas, for an eligible offsets project that is a sequestration offsets project; and (b) as a result of the making or variation of another section 27 declaration, the relevant area becomes, or becomes part of, the project area, or any of the project areas, for another eligible offsets project that is a sequestration offsets project; then: (c) the project mentioned in paragraph (a) is the transferor offsets project; and (d) the project mentioned in paragraph (b) is the transferee offsets project. Regulations or legislative rules (2) The regulations or the legislative rules may make provision for or in relation to the adjustment of any or all of the following: (a) the calculation of a unit entitlement in relation to the transferee offsets project using the formula in subsection 16(2); (b) the calculation of a unit entitlement in relation to the transferor offsets project using the formula in subsection 16(2); (c) the calculation of the net total number of Australian carbon credit units issued in relation to the transferee offsets project in accordance with Part 2; (d) the calculation of the net total number of Australian carbon credit units issued in relation to the transferor offsets project in accordance with Part 2; (e) the duration of a crediting period for the transferee offsets project; (f) the duration of a reporting period for the transferee offsets project. Determinations (3) Regulations or legislative rules made for the purposes of subsection (2) may empower the Regulator to determine that, whenever it is necessary to calculate a unit entitlement in relation to the transferor offsets project using the formula in subsection 16(2), that subsection has effect, in relation to the transferor offsets project, as if the net abatement number were decreased by the number specified in the determination. (4) Regulations or legislative rules made for the purposes of subsection (2) may empower the Regulator to determine that, whenever it is necessary to calculate a unit entitlement in relation to the transferee offsets project using the formula in subsection 16(2), that subsection has effect, in relation to the transferee offsets project, as if the net abatement number were increased by the number specified in the determination. (5) Regulations or legislative rules made for the purposes of subsection (2) may empower the Regulator to determine that, whenever it is necessary to work out the net total number of Australian carbon credit units issued in relation to the transferor offsets project, this Act has effect, in relation to the transferor offsets project, as if the net total number of Australian carbon credit units issued in relation to the project in accordance with Part 2 were decreased by the number specified in the determination. (6) Regulations or legislative rules made for the purposes of subsection (2) may empower the Regulator to determine that, whenever it is necessary to work out the net total number of Australian carbon credit units issued in relation to the transferee offsets project, this Act has effect, in relation to the transferee offsets project, as if the net total number of Australian carbon credit units issued in relation to the project in accordance with Part 2 were increased by the number specified in the determination. (7) Subsections (3) to (6) do not limit subsection (2). Determination is not a legislative instrument (8) A determination made under regulations or legislative rules made for the purposes of subsection (2) is not a legislative instrument.