New South Wales Consolidated Acts

WATER MANAGEMENT ACT 2000 - SECT 71D

71D Creation of registered security interests by recording in Access Register

(1) A registered security interest over an access licence (or a holding in an access licence that is held as a tenancy in common) is created by--

(a) execution of an instrument in the approved form evidencing the existence of a security interest over the licence or holding, and

(b) registering the security interest by recording it in the Access Register in accordance with Part 1 of Schedule 1A.

Note : A security interest has no effect until recorded in the Access Register--see sections 71A (1) (e) and 71B.

(2) Subsection (1) does not apply to--

(a) a specific purpose access licence, or

(b) a security interest referred to in clause 19 of Schedule 10.

Note : Clause 19 of Schedule 10 makes provision for the registration of security interests in access licences arising from entitlements under former legislation.

(3) For the purposes of Chapter 7 of the Duties Act 1997 --

(a) a registered security interest over an access licence or holding in an access licence is taken to be a security by way of mortgage or charge over property wholly or partly in New South Wales, and

(b) the liability date is the date on which the registered security interest is first recorded in the Access Register,

except as provided by the regulations.