Document ID: chunk:federal_register_of_legislation:F2010L02466:reg:14:p2
Version: federal_register_of_legislation:F2010L02466
Segment Type: reg
Provision Reference: reg 14 (pt 2/5)
Character Range: 15479–18095

Governments (other than transfers referred to in paragraph (1) (a)) for the purpose of improving flows in the Snowy River; and
 (b) trading between the holders of entitlements.

8 Accounting for allocation transfers across the Choke

 (1) The purpose of this section is to ensure that no net transfer of water allocations from above to below the Choke occurs in any year after 1 July 2007.

 (2) The Authority must establish and maintain the following:
 (a) an entitlement record with respect to each of New South Wales, South Australia and Victoria, which sets out each water entitlement transferred from below the Choke in that State to above the Choke in any State on or after 1 July 2007; and
 (b) an allocation account setting out the net volume of:
 (i) water used above the Choke in the current year pursuant to allocations made under any water entitlement entered in an entitlement record; plus
 (ii) the net transfer of allocations from any State below the Choke to any State above the Choke.

 (3) For paragraph (2) (a), water entitlement:
 (a) includes any environmental water entitlement derived from water savings made downstream of the Choke pursuant to the Snowy Water Enquiry Deed to be used to improve flows in the Snowy River; and
 (b) does not include any such environmental water entitlements to be used to improve flows in the River Murray.

 (4) The Authority must:
 (a) add to the entitlement record for each State every water entitlement transferred from below the Choke in that State to above the Choke on or after 1 July 2007; and
 (b) remove from the entitlement record every water entitlement that is subsequently transferred from above to below the Choke in the relevant State.

 (5) The allocation account must:
 (a) be set at zero on 1 July in each year; and
 (b) be increased by the volume of water used on or after that date pursuant to any water entitlement entered in an entitlement record; and
 (c) be increased by the volume of each transfer of an allocation from below to above the Choke on or after that date; and
 (d) be decreased by the volume of each proposed transfer of an allocation traded down from above to below the Choke on or after that date.

 (6) Subsection 10 (4) applies to any proposed transfer of an allocation referred to in paragraph (5) (d) if the transfer would result in a negative balance in the allocation account.

9 Exceptional circumstances for allocation transfers across the Choke

  Despite any other provision of this Protocol, for any year in which the Authority estimates that the level of water allocations made, or to be made, in any or all