Forestry Rights Registration Amendment Act 2002 (TAS)

Forestry Rights Registration Amendment Act 2002

An Act to amend the Forestry Rights Registration Act 1990 and the Forestry Act 1920 to provide for the creation of carbon rights

[Royal Assent 30 May 2002]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

1Short titleThis Act may be cited as the Forestry Rights Registration Amendment Act 2002 . 2CommencementThis Act commences on the day on which this Act receives the Royal Assent. 3Principal ActIn this Act, the Forestry Rights Registration Act 1990 is referred to as the Principal Act. 4Section 3 amended (Interpretation) Section 3 of the Principal Act is amended by omitting the definitions of forestry covenant and forestry right and substituting the following definitions: carbon sequestration, by a tree or forest, means the process by which the tree or forest absorbs carbon dioxide from the atmosphere; carbon sequestration right, in relation to land, means a right conferred on a person (by agreement or otherwise) to the legal, commercial or other benefit (whether present or future) of carbon sequestration by any existing or future tree or forest on the land; forestry covenant means – (a) a covenant, whether positive or restrictive in effect, that is – (i) incidental to a forestry right; and (ii) contained in the instrument by which the forestry right is created or varied; and (iii) registered under the Land Titles Act 1980 or the Registration of Deeds Act 1935 ; or (b) a variation of any such covenant; forestry right, in relation to land, means any (or any combination) of the following interests in the land granted by its owner: (a) ownership of trees; (b) a carbon sequestration right; (c) a right to establish, maintain or harvest, or maintain and harvest, trees –together with – (d) any ancillary rights of access or of constructing or using tracks, culverts, bridges, buildings or other works or facilities in connection with the enjoyment of the interest, whether or not those ancillary rights are coupled with obligations; and (e) any provisions for charges, payments or royalties or for the division of trees or the proceeds of trees, whether or not those provisions are coupled with obligations; 5Section 5 amended (Forestry rights to be profits à prendre) Section 5 of the Principal Act is amended by inserting after subsection (3) the following subsection: (4)  If a forestry right over any land consists in whole or in part of a carbon sequestration right, the profit à prendre that is taken to exist under subsection (1) in relation to the carbon sequestration right consists of the legal, commercial or other benefit (whether present or future) of carbon sequestration by any existing or future tree or forest on the land. 6Forestry Act 1920 amended Section 4(1) of the Forestry Act 1920 is amended by inserting "and the roots of any such trees" after "description" in the definition of trees .

[Second reading presentation speech made in:

House of Assembly on 23 APRIL 2002

Legislative Council on 22 MAY 2002]