New South Wales Consolidated Regulations

WATER SHARING PLAN FOR THE LACHLAN REGULATED RIVER WATER SOURCE 2003 - REG 53

53 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 is 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 71L 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,

Note: It has been assessed that a conversion factor of 0.45 should apply to the conversion of the first 30,000 unit shares of regulated river (general security) access licence 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, and

(c) the volume of water allocations credited to the water allocation account of the new regulated river (high security) access licence water allocation account not exceeding the volume of water allocation held in the A sub-account of the cancelled access licence.

Note: The volume of water in the regulated river (general security) access licence water allocation account which is in excess of the share component volume of the new regulated river (high security) access licence will not be credited to the new regulated river (high security) access licence 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) such an application not resulting in an increase in the total number of unit shares in regulated river (general security) access licence share components above the total number of unit shares at the time of commencement of Part 2 of Chapter 3 of the Act.

Note: This 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.

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

(a) the application conversion factors 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

(b) where the licence to be issued is a regulated river (high security) access licence, the volume of water in the regulated river (conveyance) access licence water allocation account being equal to or greater than its share component.