142Deposit of a biodiversity certificate with the Regulator

142 Deposit of a biodiversity certificate with the Regulator

(1) If the Regulator approves the deposit of a biodiversity certificate with the Regulator: (a) the Regulator must transfer the certificate, in accordance with rules made for the purposes of section 167, from the Register account in which there is an entry for the certificate to a Commonwealth Register account; and (b) the certificate must not be transferred from the Commonwealth Register account to another Register account; and (c) while an entry for the certificate is in the Commonwealth Register account, the certificate is taken, for the purposes of this Act, to be deposited with the Regulator; and (d) subject to section 152 (relinquishment), while an entry for the certificate is in the Commonwealth Register account: (i) the certificate remains in force; and (ii) the person who applied for the approval must be recorded in the Register as the holder of the certificate; and (iii) the certificate cannot be transmitted or otherwise dealt with; and (e) the Regulator must remove the entry for the certificate from the Commonwealth Register account at whichever is the earlier of the following times: (i) when the Regulator is required by section 77 (cancellation) to remove the entry; (ii) when the Regulator is required by section 152 (relinquishment) to remove the entry.

Note: Section 73 provides that the holder of a biodiversity certificate is the legal owner of the certificate.

(2) The Register must set out a record of each transfer under paragraph (1)(a).