Vacant Land Conservation Covenants Account
9 Vacant Land Conservation Covenants Account
There is established an account in the Public Account as part of the Trust Fund known as the Vacant Land Conservation Covenants Account.
There is to be credited to the VLCC Account—
all money required or authorised to be paid into the VLCC Account by any Act; and
all interest derived from investment of money in the VLCC Account.
S. 9(3) amended by No. 24/2025 s. 41(1).
Money standing to the credit of the VLCC Account is to be applied, in amounts authorised by the Secretary, toward the reasonable costs and expenses incurred by the Trust in relation to entering into covenants under section 3A(1).
If the Treasurer is satisfied that at any time there is in the VLCC Account an amount in excess of the amount required to meet the anticipated payments from the account, the Treasurer, after consultation with the Minister, may direct the payment of the whole or any part of that excess amount out of the VLCC Account into the Consolidated Fund.
The Minister must cause to be included in the report of operations of the Department under Part 7 of the Financial Management Act 1994 for a financial year—
details of amounts credited to and applied from the VLCC Account in that year; and
the number of covenants entered into in that year that were funded from the VLCC Account.
In this section—
Department means the Department of Energy, Environment and Climate Action;
S. 9(6) def. of non–residential zone repealed by No. 24/2025 s. 41(2)(b).
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Secretary means the Department Head of the Department under the Public Administration Act 2004;
S. 9(6) def. of specified land repealed by No. 24/2025 s. 41(2)(b).
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S. 9(6) def. of VLCC Account amended by No. 24/2025 s. 41(2)(a).
VLCC Account means the Vacant Land Conservation Covenants Account established by subsection (1).
S. 9(6) def. of zone repealed by No. 24/2025 s. 41(2)(b).
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Ss 10–12 repealed.[4]
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S. 13 inserted by No. 64/1986 s. 9.
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