12Compensation for acquisition of property

12  Compensation for acquisition of property

 (1) If:

 (a) apart from this section, the operation of this Act would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph); and

 (b) the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;

the Commonwealth is liable to pay a reasonable amount of compensation to the person.

 (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia or the Supreme Court of a State or Territory for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

Part 2—Marine genetic resources and digital sequence information

Subdivision A—Preliminary

13  Simplified outline of this Part

Under Part II of the BBNJ Agreement, Australia has notification and information sharing obligations relating to:

 (a) the collection of marine genetic resources in areas beyond national jurisdiction; and

 (b) the use of marine genetic resources collected in areas beyond national jurisdiction, or digital sequence information of such marine genetic resources, to carry out research and development on the genetic or biochemical composition of the marine genetic resources (called utilisation).

The purpose of this Part is to enable the Minister to obtain the information needed to meet these obligations.

An Australian entity that carries out an activity constituting the collection of marine genetic resources in an area beyond national jurisdiction must, before and after the activity, give the Minister certain information relating to the activity.

An Australian entity who carries out an activity constituting the utilisation of marine genetic resources collected in an area beyond national jurisdiction, or digital sequence information of such marine genetic resources, must:

 (a) give the Minister certain information relating to each result of the utilisation that becomes publicly available; and

 (b) in some cases, give the Minister certain information relating to the activity during which the marine genetic resources were collected; and

 (c) deposit the utilised marine genetic resources or digital sequence information into a repository or database prescribed by the rules.

An owner of such a database or repository is required to report on, and keep records of, marine genetic resources and digital sequence information held in the database or repository.

A person who fails to comply with a requirement under this Part may be subject to civil or criminal penalties.