40Requirement to consider pending application to vary registration to change identity of project proponent

40  Requirement to consider pending application to vary registration to change identity of project proponent

  The Regulator must not decide to cancel the registration of a registered biodiversity project under section 36 or 37 if:

 (a) the project proponent for the project has made an application under subsection 15(1) to change the identity of the project proponent; and

 (b) either:

 (i) the Regulator has not made a decision on that application; or

 (ii) the Regulator has made a decision on that application and an appeal in relation to that decision has not been finally determined.