Dealings in carbon covenants

In force

(1)

Subject to subsection (2), a carbon covenant can be —

(a)

dealt with as a separate interest in the relevant carbon right;

(b)

the subject of a caveat or process of execution.

(2)

The proprietor of a carbon covenant must at all times be the proprietor of the relevant carbon right.

(3)

The operation of subsection (1) is subject to —

(a)

Part IV Division 2A of the TLA; and

(b)

any provision of the TLA that applies by virtue of a carbon covenant being —

(i)

a separate interest in land;

(ii)

land within the meaning of the TLA;

(iii)

an encumbrance; or

(iv)

otherwise referred to in that provision.

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