Document ID: chunk:federal_register_of_legislation:F2010L02475:body:0:p3
Version: federal_register_of_legislation:F2010L02475
Segment Type: other
Provision Reference: 
Character Range: 5546–8334

the Vic/NSW transfer account in Hume.
L means the Loddon valley account.
N means the NSW/SA transfer account.
Sn means the Snowy environmental transfer account (NSW).
Sv means the Snowy environmental transfer account (Vic).
V means the Vic/SA transfer account.

7 Transfers of entitlement

 (1) Where any entitlement has been transferred out of a valley by exchange rate trade, if the allocations to entitlements in that valley are increased, the Authority must increase any relevant valley account, determined by reference to Table 1, by a volume equivalent to that increase in allocations applicable to the net volume of transfers of entitlement out of that valley, after applying any conversion factor specified by a Protocol made under paragraph 6 (1) (d) of Schedule D to the Agreement.

 (2) Where an entitlement has been transferred out of a source valley by tagged trade, if there is usage against the tagged entitlement, thus requiring allocations to be delivered in another valley, the Authority must increase any relevant valley account, determined by reference to Table 1, by a volume equivalent to the volume used.

 (3) In complying with subsection (2), the Authority:
 (a) may estimate the volume used, taking into account the following matters:
 (i) the volume of allocations made to the entitlement in that year;
 (ii) any transfer of allocations to or from the retail account associated with the relevant entitlement in that year;
 (iii) orders placed to extract water delivered under such allocations during the year;
 (iv) the pattern of usage of similar entitlements in similar seasons;
 (v) any information on expected usage provided by a State Contracting Government;
 (vi) any other relevant matter; and
 (b) must review any estimate and make any consequential adjustments to the valley account; and
 (c) must increase the valley account to record the volume of allocations actually used outside the source valley pursuant to the entitlement in that year, promptly after that value is determined, in accordance with paragraph 1 (1) (b) of Appendix 2 of Schedule D to the Agreement.

 (4) If an adjustment made under subsection (3) results in a deficit in a valley account at the end of any water year, the Authority must carry forward that deficit to the following water year.

8 Operating rules

 (1) The Authority and a State Contracting Government may agree on an operating plan for accounting for, and delivering, bulk water transfers to any valley within that State, based on predictions about climatic conditions and the availability of water.

 (2) An operating plan may provide for a volume held in a valley account to be reserved for back trade.

 (3) The Authority may, in accordance with any operating plan, direct that water standing to the credit of