New South Wales Consolidated Acts(cf Sydney Water Act 1994 , section 17)
(1) The initial term of the Corporation’s operating licence is to be for a maximum of 2 years, as determined by the Minister.
(2) After the initial term, the Minister may renew the Corporation’s operating licence for a maximum of 5 years at a time.
(3) The operating licence may be renewed even if its term has expired.