39Interim emissions value less than zero

39 Interim emissions value less than zero

(1) If a person’s interim emissions value for a year beginning on or after 1 January 2025 is less than zero, the Secretary must: (a) issue a number of units to the person that is equal to the absolute value of the person’s interim emissions value for the year; and (b) do so as soon as practicable after the interim reconciliation day for the year.

Note: Example: If a person’s interim emissions value for a year is ‑200, the absolute value is 200 and, if the person has a registry account, they will be issued 200 units.

(2) However, if: (a) the Secretary is required to issue a unit to a person under subsection (1) as soon as practicable after the interim reconciliation day for a year; and (b) the person does not have a registry account; and (c) the person does not apply under section 53, within one year after that day, for the Secretary to open an account in the Registry in the person’s name; then, despite that requirement, the Secretary must not issue the unit to the person.