Document ID: chunk:federal_register_of_legislation:C2024C00557:schedule:1:p110
Version: federal_register_of_legislation:C2024C00557
Segment Type: schedule
Provision Reference: sch 1 (pt 110/154)
Character Range: 930944–933748

cap for transferred allocations
The annual diversion target for a designated river valley, referred to in sub‑clause 12(1) of Schedule E, must either be increased or reduced, as the case requires, by the volume of any interstate or intervalley transfers of allocations into or out of that designated river valley in that year, multiplied by the appropriate cap transfer rate set out in Table 1 of a protocol made under paragraph 6(1)(a) of the Schedule.
PART II—ADJUSTING FOR ENTITLEMENTS TRANSFERRED BY TAGGED TRADE

    3. Cap adjustment for tagged trade
The annual diversion target for a designated river valley referred to in sub‑clause 12(1) of Schedule E must be:
(a) increased by the volume of water diverted in that designated river valley in that year, which is attributable to entitlements tagged to another designated river valley; and
(b) reduced by the volume of water attributable to entitlements tagged to that designated river valley, which is diverted in any other designated river valley in that year.
PART III—ADJUSTING FOR ENTITLEMENTS TRANSFERRED BETWEEN 1 JULY 1994 AND THE EFFECTIVE DATE, USING EXCHANGE RATES

    4. Interim register
The Authority must establish and maintain an interim register which records the volume of any entitlement transferred from a designated river valley to another designated river valley during each year between 1 July 1994 and the effective date.

    5. Adjusting annual diversion targets
Each year, the Authority must calculate the adjustment to the annual diversion target for a designated river valley for transfers recorded on the interim register referred to in clause 4, by:
(a) multiplying the cumulative volume of every entitlement of a particular type transferred into the designated river valley between 1 July 1994 and the earlier of the beginning of that year and the effective date, by the appropriate cap transfer rate set out in Table 2 of a protocol made under paragraph 6(1)(a) of the Schedule; and
(b) multiplying the cumulative volume of every entitlement of a particular type transferred out of the designated river valley between 1 July 1994 and the earlier of the beginning of that year and the effective date, by the appropriate cap transfer rate; and
(c) subtracting the product of (b) from the product of (a).
PART IV—ADJUSTING FOR ENTITLEMENTS TRANSFERRED OR CONVERTED AFTER THE EFFECTIVE DATE, USING EXCHANGE RATES

    6. Object of Part
The object of this Part is, subject to sub‑clause 8(1) of the Schedule, to minimise the impact of transfers or conversion of entitlements on entitlements held by third parties, by endeavouring to ensure that:
(a) the proportion of the cap associated with each unit of a particular type of entitlement remains the same after an entitlement has been transferred or converted as it was