New South Wales Consolidated Regulations

WATER SHARING PLAN FOR THE MACQUARIE AND CUDGEGONG REGULATED RIVERS WATER SOURCE 2016 - REG 51

51 Rules for conversion of access licence category

(1) This clause relates to dealings under section 71O of the Act.

(2) Conversion of an access licence of one category to an access licence of another category shall be prohibited except as provided for under this clause.

(3) On application of the access licence holder, the Minister may cancel a regulated river (general security) access licence, and issue a regulated river (high security) access licence, subject to:

(a) the application of a conversion factor established by the Minister and published in an Order made under section 71Z of the Act that protects environmental water, domestic and stock rights, native title rights and the reliability of supply to all other access licences in this water source, and

Note : On 1 July 2004 a separate conversion factor was applied to each 10,000 megalitres of regulated river (general security) access licence that converted to regulated river (high security) access licence.

(b) the number of megalitres of water in the regulated river (general security) access licence water allocation account being equal to or greater than the number of unit shares in its share component.

Note : The amount of water in the regulated river (general security) access licence water allocation account which is in excess of the number of unit shares in the share component of the new regulated river (high security) access licence will not be credited to the new regulated river (high security) access licence water allocation account.

(4) On application of the access licence holder, the Minister may cancel a regulated river (high security) access licence, and issue a regulated river (general security) access licence, subject to:

(a) the application of a conversion factor equal to one divided by the conversion factor established in subclause (3), and

(b) the total number of unit shares in regulated river (general security) access licence share components not increasing above the total number of unit shares in regulated river (general security) access licence share components at the time of commencement of Part 2 of Chapter 3 of the Act.

Note : This subclause would allow conversion of a regulated river (high security) access licence to a regulated river (general security) access licence only if there had been a corresponding or larger amount of regulated river (general security) access licence share component converted to regulated river (high security) access licence.