Environmental Offsets Act 2014
sec.89Payment of amounts into and from trust fund
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sec.89 Payment of amounts into and from trust fund
On receipt by the local government of an amount as a financial settlement offset, the amount— becomes trust money; and must be credited to the local government’s trust fund. The local government may transfer an amount from a trust fund only for— paying expenses incurred, directly or indirectly, by the local government in the delivery of the environmental offset to achieve a conservation outcome; or paying fees or expenses related to administering the trust fund; or paying other amounts prescribed, or required or permitted, by regulation to be paid out of the trust fund. (sec.89-ssec.1) On receipt by the local government of an amount as a financial settlement offset, the amount— becomes trust money; and must be credited to the local government’s trust fund. (sec.89-ssec.2) The local government may transfer an amount from a trust fund only for— paying expenses incurred, directly or indirectly, by the local government in the delivery of the environmental offset to achieve a conservation outcome; or paying fees or expenses related to administering the trust fund; or paying other amounts prescribed, or required or permitted, by regulation to be paid out of the trust fund.
- (a) becomes trust money; and
- (b) must be credited to the local government’s trust fund.
- (a) paying expenses incurred, directly or indirectly, by the local government in the delivery of the environmental offset to achieve a conservation outcome; or
- (b) paying fees or expenses related to administering the trust fund; or
- (c) paying other amounts prescribed, or required or permitted, by regulation to be paid out of the trust fund.