An Act to amend the Protection of the Environment Operations Act 1997 with respect to payments into and out of the Tradeable Emission Schemes Fund.
1 Name of Act
This Act is the Protection of the Environment Operations Amendment (Tradeable Emission Schemes Fund) Act 2002.
2 Commencement
This Act commences on a day or days to be appointed by proclamation.
3 Amendment of Protection of the Environment Operations Act 1997 No 156
The Protection of the Environment Operations Act 1997 is amended as set out in Schedule 1.
Schedule 1 Amendments
(Section 3)
[1] Section 295I Tradeable Emission Schemes Fund
Insert after section 295I (3) (a):(a1) the proceeds of any auction or other sale of permits or credits, or any entitlement conferred by them, under a tradeable emission scheme, and
[2] Section 295I (4A)
Insert after section 295I (4):(4A) There may be paid out of the Fund to the Consolidated Fund any amount in the Fund that, in the opinion of the EPA, is in excess of the amounts required to meet the costs referred to in subsection (4).