Document ID: chunk:federal_register_of_legislation:F2010L02475:body:0:p6
Version: federal_register_of_legislation:F2010L02475
Segment Type: other
Provision Reference: 
Character Range: 13462–16218

of the relevant adjustment must be equal to:
(a) in the case of exchange rate trade, the volume of the allocations which would have been to the transferred entitlements in the State of Origin in every year; and
(b) in the case of tagged trade, the volume of water used by the transferee in each year.

Clause 2 provides that the volume of the relevant adjustment for a transferred allocation is the volume of that allocation, adjusted by any relevant exchange rate.

9 Determining the volume of water used by a tagged trade

 (1) This clause provides how the volume of water used by a transferee is to be determined in the case of tagged trade, for the purpose of adjusting the delivery of a State entitlement pursuant to paragraph 1 (1) (b) of Appendix 2 to Schedule D to the Agreement.

 (2) Where an entitlement has been transferred out of a source valley, thus requiring allocations to be delivered in a valley in another State, the Authority:
 (a) may estimate the volume used pursuant to that entitlement, taking into account the matters specified in paragraph 7 (3) (a); and
 (b) must review any estimate and make consequential adjustments to the estimated volume; and
 (c) must adjust the delivery of the relevant State entitlement by the volume of allocations actually used pursuant to the entitlement in that year, in accordance with paragraph 1 (1) (b) of Appendix 2 to Schedule D.

 (3) If an adjustment made under subsection (2) results in a deficit in a State transfer account at the end of any water year, the Authority must carry forward that deficit to the following water year.

10 Altering deliveries of water

 (1) The Authority must:
 (a) alter deliveries of State entitlements to reflect adjustments made under section 9, in accordance with this clause; and
 (b) record any such alterations in each relevant State transfer account.

Interstate transfers of entitlements

 (2) The Authority must:
 (a) alter the delivery of State entitlements arising from interstate exchange rate trade of entitlements during each month between:
 (i) the later of September and the month in which the alteration is to commence; and
 (ii) the following April;
 inclusive, in the same proportion for each of those months               which the quantity set out in paragraph 88 (a) of the               Agreement for the relevant month bears to the total of the               monthly quantity set out in that paragraph between the               month in which the alteration commences and the               following April, inclusive; and
 (b) alter the delivery of State entitlements arising from interstate tagged trade of entitlements during each month between:
 (i) the later of September and the month in which the alteration is to commence; and