National Oil Reserves Agency Act 2007

44K

F118[Transfer of F119[renewable transport fuel] obligation certificates.

44K. (1) F119[Renewable transport fuel] obligation certificates may be transferred from the F119[renewable transport fuel] obligation account holder to whose account the certificates are credited to another F119[renewable transport fuel] obligation account holder, subject to this section and any regulations made under it.

(2) Where a F119[renewable transport fuel] obligation account holder proposes to transfer F119[renewable transport fuel] obligation certificates to another F119[renewable transport fuel] obligation account holder, he or she shall give notice to the Agency in such form as the Agency determines of

(a) the name and account number of the F119[renewable transport fuel] obligation account holder who proposes to transfer F119[renewable transport fuel] obligation certificates (in this section referred to as the "transferor"),

(b) the name and account number of the F119[renewable transport fuel] obligation account holder to whom it is proposed to transfer the F119[renewable transport fuel] obligation certificates (in this section referred to as the "transferee"),

(c) the number and date of each F119[renewable transport fuel] obligation certificate concerned,

(d) the proposed date of the transfer, and

(e) such other matters as the Agency may determine.

F120[(2A) In order to count F119[renewable transport fuel] obligation certificates against the discharge of a F119[renewable transport fuel] obligation for any obligated period, the notice of transfer for those certificates must be submitted to the Agency within 81 days after the end of the obligation period concerned.]

(3) The Minister, following consultation with the Agency, may make regulations providing for

(a) the conditions subject to which a transfer may be effected under this section, including the minimum and maximum number of F119[renewable transport fuel] obligation certificates which may be transferred by any F119[renewable transport fuel] obligation account holder during any obligation period, and

(b) such other matters relating to the transfer of F119[renewable transport fuel] obligation certificates as the Minister considers appropriate.

(4) For the purposes of this section, a transfer shall be effected by recording a debit in the transferors F119[renewable transport fuel] obligation account and a credit in the transferees F119[renewable transport fuel] obligation account of the F119[renewable transport fuel] obligation certificates so transferred.

(5) The Agency shall not effect the transfer of any F119[renewable transport fuel] obligation certificate

(a) the period of validity of which has expired, or

(b) which is the subject of a notice of revocation under section 44M which has not yet taken effect under that section.

(6) This Part applies to a F119[renewable transport fuel] obligation certificate transferred under this section in all respects as it applies to a F119[renewable transport fuel] obligation certificate issued under section 44G and a F119[renewable transport fuel] obligation certificate so transferred may be counted by the transferee towards the discharge of the F119[renewable transport fuel] obligation notified to the transferee under section 44I(1).]

Annotations

Amendments:

F118

Inserted (1.07.2010) by Energy (Biofuel Obligation and Miscellaneous Provisions) Act 2010 (11/2010), s. 3, S.I. No. 322 of 2010.

F119

Substituted (15.07.2022) by European Union (Renewable Energy) Regulations (2) 2022 (S.I. No. 350 of 2022), reg. 17(1)(l)(i), in effect as per reg. 1(2).

F120

Inserted (16.04.2012) by Energy (Miscellaneous Provisions) Act 2012 (3/2012), s. 21(4), S.I. No. 122 of 2012.

Modifications (not altering text):

C20

Functions transferred and references to the Minister for and Department of the Environment, Climate and Communications construed (28.02.2023, vesting day) by Oil Emergency Contingency and Transfer of Renewable Transport Fuels Functions Act 2023 (2/2023), ss. 23, 24, 28, S.I. Nos. 81, 82 of 2023, subject to transitional provisions in ss. 25-27, 29.

Transfer of functions to Minister for Transport

23. The functions conferred on the Minister by or under—

(a) sections 44A, 44C, 44D, 44E, 44F, 44G, 44H, 44I, 44J, 44K, 44L, 44M, 44N, 44Q, 44R, 44S, 44T, 44V, 44W and 44X of the Act of 2007, ...

are transferred to the Minister for Transport on the vesting day.

Transfer of administration and business

24. (1) The administration and business in connection with the performance of the functions transferred by section 23 are, on the vesting day, transferred to the Department of Transport.

(2) References to the Department of the Environment, Climate and Communications contained in any enactment (other than this Act) in so far as they relate to the administration and business transferred by subsection (1) shall, from the vesting day, be construed as references to the Department of Transport.

...

Construction of references to Minister

28. (1) References to the Minister contained in any enactment (other than this Act) in so far as they relate to any function transferred by section 23 shall, from the vesting day, be construed as references to the Minister for Transport.

...