New South Wales Consolidated Regulations

WATER MANAGEMENT (GENERAL) REGULATION 2004 - REG 29H

29H Registration of security interests in replacement access licences

(1) Pursuant to clause 1 of Schedule 9 to the Act, clause 19 of Schedule 10 to the Act is to be construed as if:

(a) the reference in clause 19 (5) to the commencement of Part 2 of Schedule 10 to the Act were a reference to 1 November 2006, and

(b) the reference in clause 19 (5) (a) to replacement access licences were a reference to replacement access licences arising under clause 29G in relation to the water sources referred to in Schedule 4B.

(2) Pursuant to clause 1 of Schedule 9 to the Act, the following subclauses are taken to be inserted after clause 19 (10):

(10A) Subclause (10B) applies only to an access licence arising from an entitlement with respect to land in respect of which an interest was, immediately before 1 November 2006, registered under the Real Property Act 1900 or under the Corporations Act 2001 of the Commonwealth.

(10B) No dealing that requires the consent of the holder of a security interest may be registered in relation to an access licence until the expiry of the prescribed period unless, before the expiry of that period, the holder of the interest:

(a) has lodged with the Director-General a notice of the kind referred to in subclause (5) (d), or

(b) has notified the Director-General that the holder does not propose to seek registration of the interest in the Access Register.