38Nomination of nominee by multiple project proponents—other nominations

38 Nomination of nominee by multiple project proponents—other nominations

Scope (1) This section applies to a registered biodiversity project that has multiple project proponents. Nomination (2) The project proponents may give the Regulator a notice, made jointly in writing by all of the project proponents, nominating one of the project proponents as the nominee in relation to the registered biodiversity project.

Note: If a registered biodiversity project that has multiple project proponents ceases to have a nominee, and no new nominee is nominated, the Regulator may cancel the project’s registration from 90 days after the cessation (see rules made for the purposes of section 42).

(3) The joint written notice must be in a form approved, in writing, by the Regulator. (4) The nomination takes effect at the time it is given to the Regulator. (5) If a nomination under subsection (2) takes effect in relation to a particular registered biodiversity project, any other nomination under this Part that was in force in relation to that registered biodiversity project ceases to be in force.