99Revocation of declaration of carbon maintenance obligation—voluntary relinquishment of Australian carbon credit units

#### 99 Revocation of declaration of carbon maintenance obligation—voluntary relinquishment of Australian carbon credit units Scope (1) This section applies if: (a) an area or areas of land are subject to a carbon maintenance obligation; and (b) in the case of a single area—the area is not, and is not part of, a project area for an eligible offsets project that is a sequestration offsets project; and (c) in the case of 2 or more areas—none of the areas is, or is part of, a project area for an eligible offsets project that is a sequestration offsets project; and (d) a person applies to the Regulator for the revocation of the relevant subsection 97(2) declaration; and (e) before the application was made, the applicant or another person voluntarily relinquished a number of Australian carbon credit units in order to satisfy a condition for revocation of the declaration; and (f) 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. Revocation (2) The Regulator must, by writing, revoke the declaration. Application (3) An application under paragraph (1)(d) must: (a) be in writing; and (b) be in a form approved, in writing, by the Regulator. Notification of revocation (4) If the Regulator revokes the declaration, the Regulator must take all reasonable steps to ensure that a copy of the revocation is given to: (a) the project proponent for the project; and (b) each person who holds an eligible interest in the area, or any of the areas, of land; and (c) a person specified in the regulations or the legislative rules; and (d) the relevant land registration official. (5) A failure to comply with subsection (4) does not affect the validity of a variation or revocation. Refusal (6) If the Regulator decides to refuse to revoke the declaration, the Regulator must give written notice of the decision to the applicant. Revocation is not a legislative instrument (7) A revocation of the declaration is not a legislative instrument.