Document ID: chunk:federal_register_of_legislation:C2024C00557:schedule:1:p102
Version: federal_register_of_legislation:C2024C00557
Segment Type: schedule
Provision Reference: sch 1 (pt 102/154)
Character Range: 909704–912585

must maintain a valley account referred to in sub‑clause (2):
(a) for each tributary in respect of which there are entitlements or allocations which may be traded under this Schedule; and
(b) in accordance with any protocol made under paragraph 6(1)(c).
       (4) The Authority may:
(a) in accordance with any protocol made under paragraph 6(1)(c), direct that water standing to the credit of a valley account for any valley be used for any purpose to which the Authority may have regard under sub‑clause 98(3) or 98(4) of the Agreement; and
(b) amend or cancel any such direction at any time.
       (5) A State Contracting Government must implement any direction given under paragraph 11(4)(a) in accordance with any protocol made under paragraph 6(1)(c).
       (6) With the consent of the State Contracting Government to whom a direction is given under sub‑clause 11(4), a direction may result in a valley account being overdrawn.

    12. Conversion factors and exchange rates
       (1) Subject to sub‑clause 12(2), the Authority may, by a protocol made under paragraph 6(1)(d), determine or alter one or more:
(a) conversion factors to be applied when converting an entitlement of one type into an entitlement of another type, in the same valley; and
(b) exchange rates to be applied under this Schedule:
              (i) to any transfer of an entitlement by exchange rate trade; and
              (ii) to any transfer of an entitlement by tagged trade or to any transfer of an allocation,
and must publish any such conversion factors and exchange rates in such manner as it thinks fit.
       (2) An exchange rate referred to in subparagraph 12(1)(b)(ii) must only be made to take into account any changes in distribution losses resulting from the transfer.
       (3) A conversion factor and an exchange rate determined or altered by the Authority operates prospectively and cannot be used to alter:
(a) a previous entry made in any valley account; or
(b) any previous adjustment made to State entitlements or the cap on diversions,
        under this Schedule.
       (4) A protocol referred to in sub‑clause 12(1):
(a) must specify how any conversion factor or exchange rate is to be applied; and
(b) may establish one or more zones within which an exchange rate will not be applied to specified types of entitlement; and
(d) may provide for taking account of:
              (i) any losses which may occur during transmission of an entitlement; and
              (v) any other matter which the Authority considers appropriate.
       (5) Each State Contracting Government must ensure that any licensing authority within the State applies any relevant conversion factor or exchange rate determined under this clause, in accordance with any protocol made under paragraph 6(1)(d).

    13. Restrictions on transfers
       (1) Subject to sub‑clause 13(4), a protocol made