Document ID: chunk:federal_register_of_legislation:F2010L02471:front:0
Version: federal_register_of_legislation:F2010L02471
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Murray-Darling Basin Agreement (Schedule D — Conversion Factors and Exchange Rates) Protocol 20101

The MURRAY-DARLING BASIN AUTHORITY, in consultation with the Basin Officials Committee and having considered the advice, if any, given by each person nominated by a Contracting Government under subclause 6 (3) of Schedule D to the Murray-Darling Basin Agreement, makes the following Protocol under clause 6 of Schedule D to that Agreement and section 18E of the Water Act 2007.

  I, ROB FREEMAN, Chief Executive of the MURRAY-DARLING BASIN AUTHORITY, authenticate that the Authority validly made the following Protocol on 30 August 2010.

ROB FREEMAN

Chief Executive

7 September 2010

Contents

 1 Name of Protocol
 2 Commencement
 3 Revocation
 4 Application
 5 Definitions
 6 Conversion factors
 7 Application of conversion factors
 8 Applications to convert lower reliability entitlements
 9 Suspension of conversion
 10 Exchange rates
 11 Application of exchange rates
 12 Reviews of exchange rates and conversion factors

1 Name of Protocol

  This Protocol is the Murray-Darling Basin Agreement (Schedule D — Conversion Factors and Exchange Rates) Protocol 2010.

Note   This Protocol deals with matters referred to in paragraph 6 (1) (d) of Schedule D to the Agreement.

2 Commencement

  This Protocol commences on the day after it is registered.

3 Revocation

  All protocols made under paragraph 6 (1) (d) of Schedule D to the Agreement before 1 December 2009, and all provisions of any such protocol, that apply to exchange rate trade are revoked.

4 Application

  This Protocol applies to conversion of entitlements and exchange rate trade.

5 Definitions

  In this Protocol:
Act means the Water Act 2007.
GSEC means a New South Wales General Security Access Licence.
HR means a Victorian High-Reliability Water Share.
HSEC means a New South Wales High Security Access Licence.
LR means a Victorian Low-Reliability Water Share.
SA LIC means a South Australian water licence.

Note    Several other words and expressions used in this Protocol have the meaning given by the Act (including the Agreement), for example:
 Authority
 exchange rate trade.

6 Conversion factors

  To convert entitlements to which Table 1 applies, the conversion factor to be used is determined in accordance with Table 1.

Table 1

Item                                                                                Column 1                                                                            Column 2                                            Column 3  Column 4
For this valley…                                                                    for a conversion between …                                                          the conversion factor …
for a conversion from a lower reliability to a higher reliability entitlement is …  for a conversion from a higher reliability to a lower reliability entitlement is …