Greenhouse Gas Storage Act 2009

It is a condition (the relinquishment condition) of each GHG permit that its holder must relinquish part of its area as provided for under this division—

on or before each of its relinquishment days; and

if section 76(3) applies—on the day provided for under that subsection; and

if under part 4, division 6, the period of the work program for the GHG permit has been extended—the day on which the extended period ends.

However, if under section 69(4), a relinquishment day for the GHG permit (the original day) is deferred for a stated period, for the relinquishment condition—

the relinquishment that was required on or before the original day is taken to have been deferred until the end of the stated period; but

the relinquishments required under the relinquishment condition on any later relinquishment days for the GHG permit must be made as if the deferral has not been granted.

A relinquishment required under the relinquishment condition—

must be made by notice to the chief executive (a relinquishment notice); and

takes effect on the day after the notice is given.

This section does not prevent the holder from relinquishing by relinquishment notice more than the part provided for under this division.