5Forestry rights to be profits à prendre

5 Forestry rights to be profits à prendre

(1)  A forestry right shall, notwithstanding any rule of law or equity to the contrary, be deemed to be a profit à prendre but shall not confer a right of exclusive possession of the land to which it relates.

(2)  Every forestry right over any land may be registered under the Land Titles Act 1980 or the Registration of Deeds Act 1935 against the title of the estate of the owner of the land in the same manner as that applicable to a profit à prendre that is not a forestry right.

(3)  Every forestry right shall, when executed by the parties signing it, have the force and effect of a deed.

(4)  [Section 5 Subsection (4) inserted by No. 8 of 2002, s. 5, Applied:30 May 2002] If a forestry right over any land consists in whole or in part of a carbon sequestration right, the profit à prendre that is taken to exist under subsection (1) in relation to the carbon sequestration right consists of the legal, commercial or other benefit (whether present or future) of carbon sequestration by any existing or future tree or forest on the land.