Subdivision 2Procedure for relinquishment on closure

#### Subdivision 2—Procedure for relinquishment on closure 1304 (1) If: (a) equipment is closed; and (b) at that time, the person carrying out the activity considered that it was unlikely that the equipment would be used again to produce the relevant product within 1 year after the equipment was closed; the person’s requirement to relinquish the relevant number of carbon units takes effect from that time. (2) If: (a) equipment is closed; and (b) at that time, it was not possible for the person carrying out the activity to determine whether the equipment would be used again to produce the relevant product that is identified in Part 3 as the basis for the issue of free carbon units within 1 year after the equipment was closed; and (c) the person carrying out the activity determined, within 1 year after the equipment was closed, that it was unlikely that the equipment would be used again to produce the relevant product within that period of 1 year; the person’s requirement to relinquish the relevant number of carbon units takes effect from the time of the determination in paragraph (c). (3) If: (a) equipment is closed; and (b) at that time, it was not possible for the person carrying out the activity to determine whether the equipment would be used again to produce the relevant product that is identified in Part 3 as the basis for the issue of free carbon units within 1 year after the equipment was closed; and (c) the equipment was not used again to produce the relevant product within that period of 1 year; the person’s requirement to relinquish the relevant number of carbon units takes effect from the end of that period of 1 year. (4) If the Regulator is satisfied that the person is required to relinquish carbon units, it must issue a notice to the person setting out: (a) the basis on which it is satisfied; and (b) the number of carbon units that it considers must be relinquished in accordance with clause 1303. (5) However, the Regulator must not issue a notice more than 3 years after the requirement to relinquish the relevant number of carbon units took effect. (6) The person must relinquish the relevant number of carbon units not more than 90 days after the day on which the Regulator gives the notice.