91When Regulator must open Register account

91  When Regulator must open Register account

 (1) This section applies if a request under section 89 has been made for the Regulator to open a Register account in the applicant’s name.

 (2) The Regulator must open a Register account in the name of the applicant if the Regulator is satisfied that:

 (a) the applicant is a fit and proper person; and

 (b) for each person in respect of which identity evidence is required to be included with the application—the identity of the person is verified in accordance with the identification procedures in Division 1 of Part 21; and

 (c) if the applicant is not an individual—each authorised representative of the applicant has sufficient authority to act on the applicant’s behalf.

 (3) If the Regulator refuses to open a Register account in response to the request, the Regulator must give written notice of the decision to the applicant as soon as practicable after making the decision.

Subdivision C—Commonwealth Register accounts

92  Secretary may direct Regulator to open Commonwealth Register account

 (1) The Secretary may, in writing, direct the Regulator to open a Register account to be kept in the name of the Commonwealth.

 (2) The direction must specify the name by which the account is to be known, which must be a name specified in section 93.

 (3) The Regulator must comply with the direction.

93  Names of Commonwealth Register accounts

  The names of Commonwealth Register accounts are the following:

 (a) the Commonwealth holding account;

 (b) the biodiversity certificate relinquishment account;

 (c) the Commonwealth deposit of certificates account.

Subdivision D—Property in, and transfer of, biodiversity certificates

94  Transfer of biodiversity certificate between Register accounts

 (1) Subject to this Subdivision, the Regulator may transfer a biodiversity certificate in accordance with this section between:

 (a) Register accounts held by different persons; and

 (b) Register accounts held by the same person.

 (2) If there is an entry for a biodiversity certificate in a Register account (the first Register account) held by a person (the first person):

 (a) the transfer of the certificate from the first Register account to a Register account held by another person consists of:

 (i) the removal of the entry for the certificate from the first Register account; and

 (ii) the making of an entry for the certificate in the Register account held by the other person; and