Document ID: chunk:federal_register_of_legislation:F2010L02474:body:0:p3
Version: federal_register_of_legislation:F2010L02474
Segment Type: other
Provision Reference: 
Character Range: 5210–8127

the transferee's authority.

 (2) When a transferee lodges a duly completed application form with the transferee's authority, the transferee's authority must promptly:
 (a) note the application in its records; and
 (b) give a copy of the application to the transferor's authority.

Step 2 Consideration of application by transferor's authority

 (1) In a State where this step is capable of applying, when the transferor's authority has received both the transferor's application and the transferee's application for a particular transfer, the transferor's authority must promptly:
 (a) satisfy itself that the transferor has the entitlement to which the transferor's application relates; and
 (b) satisfy itself that the volume set out in the transferor's application does not exceed the volume to which the transferor is entitled; and
 (c) satisfy itself that the person named in the transferor's application has the power to deal with the relevant entitlement; and
 (d) subject to paragraph (f), determine the volume of any allocation made under the transferor's entitlement in that year that has been used at the date of the transferor's application; and
 (e) determine whether the application is to transfer a used entitlement or an unused entitlement; and
 (f) if the application is to transfer an unused entitlement, determine the volume referred to in paragraph (d) to be zero; and
 (g) considering the matters referred to in paragraphs (a) to (f) and any other matters which the transferor's authority is required by law to consider – determine whether, subject to steps 3 and 5, the transferor's application may be granted.

 (2) If the transferor's authority decides that the transferor's application will not be granted, the transferor's authority must notify:
 (a) the transferee's authority; and
 (b) the transferor; and
 (c) the transferee; and
 (d) any broker engaged to assist in making the proposed transfer;
that the application will not be granted.

 (3) If the transferor's authority decides that, subject to step 3, the transferor's application may be granted, the transferor's authority must notify:
 (a) the transferee's authority; and
 (b) the Authority;
that, subject to steps 3 and 4, the transferor's application may be granted.

Step 3 Consideration of proposed transfer by the Authority

  When the Authority receives a notice from the transferor's authority that an application may be granted, the Authority must promptly:
 (a) determine whether or not the water comprised in the proposed transfer can be delivered; and
 (b) if the water can be delivered:
 (i) assign an identifying number to the transfer; and
 (ii) determine the relevant exchange rate to be applied to the transfer; and
 (iii) enter data about the transfer in the Transfer Register; and
 (iv) notify the transferor's authority and the transferee's authority, accordingly; and
 (c) if the water cannot be delivered –