Upon receipt of approval and pursuant to Section 40709, a certificate evidencing all approved reductions in the emissions of air contaminants shall be issued to the owner or owners of the emissions source, and such reductions shall continue to be banked until they have been used according to district regulations. The owner or owners of such approved reductions have the exclusive right to use them and to authorize their use. Certificates evidencing ownership of approved reductions issued by a district shall not constitute instruments, securities, or any other form of property.
Added Stats 1979 ch 1111 § 2; Amended Stats 1980 ch 692 § 2, effective July 24, 1980.
1980 Amendment: (1) Substituted the second sentence for the former second sentence which read: “The owner or owners of such certificates have the exclusive right to use and to authorize the use of the approved reductions evidenced thereby.”; and (2) added the third sentence.
Cross References: Air contaminant: H & S C § 39013.
Title to approved emission reductions: H & S C § 40712.
Law Review Articles:
Review of Selected 1979 California Legislation. 11 Pacific LJ 521.