44Units extinguished 3 years after issue unless extinguished earlier

44 Units extinguished 3 years after issue unless extinguished earlier

Units issued in respect of interim emissions values (1) If: (a) the Secretary issues a unit to a person in accordance with a requirement under section 39 to issue the unit as soon as practicable after the interim reconciliation day for a year; and (b) on the third 1 February after the interim reconciliation day for the year, the Secretary has not extinguished the unit under subsection 42(3) or 43(3); the Secretary must extinguish the unit by removing the entry for the unit from the registry account of the registered holder of the unit.

Note: Example: If the Secretary issues a unit to a person for 2025, the Secretary must extinguish the unit on 1 February 2029 (the interim reconciliation day for 2025 is 1 February 2026) if the unit has not already been extinguished.

Units issued in respect of adjusted RAV entries and destroyed vehicles (2) If: (a) the Secretary issues a unit to a person under section 40 or 41; and (b) 3 years after doing so, the Secretary has not extinguished the unit under subsection 42(3) or 43(3); the Secretary must extinguish the unit by removing the entry for the unit from the registry account of the registered holder of the unit.