Document ID: chunk:federal_register_of_legislation:F2010L02471:reg:2:p1
Version: federal_register_of_legislation:F2010L02471
Segment Type: reg
Provision Reference: reg 2 (pt 1/2)
Character Range: 3181–6393

2                                                                                   Murrumbidgee                                                                        a High Security and a General Security entitlement  0.55      1.8182

7 Application of conversion factors

 (1) Conversion factors determined by this Protocol are to be applied in accordance with this section.

 (2) To convert an entitlement of one type (initial entitlement) into and entitlement of another type, the volume of the initial entitlement must be multiplied by the relevant conversion factor (if a conversion factor applies to the transfer).

8 Applications to convert lower reliability entitlements

  A State must approve an application to convert a lower reliability entitlement to a higher reliability entitlement in any year when:
 (a) the allocation under the lower reliability entitlement is 100% and none of the water allocated has been used or transferred; or
 (b) the allocation is less than 100% by a certain volume (the gap) and:
 (i) the applicant, at the time of making the application, has acquired an additional volume at least equal to the gap; and
 (ii) none of the water allocated has been used or transferred.

9 Suspension of conversion

 (1) If a State Contracting Government, under a law of the State, decides to suspend the conversion of one type of entitlement into an entitlement of another type, within 1 or more valleys in the State, the State Contracting Government must notify the Authority in writing of the suspension. The notice must be given at the same time as the State Contracting Government notifies the suspension as required by the law of the State.

 (2) If a State Contracting Government, under a law of the State, decides to end the suspension of the conversion of one type of entitlement into an entitlement of another type, within one or more valleys in the State, the State Contracting Government must promptly notify the Authority in writing that the suspension has ended. The notice must be given at the same time as the State Contracting Government notifies the end of the suspension as required by the law of the State.

 (3) A notice under subsection (1) or (2) must set out the reasons for the decision.

 (4) If the Authority receives a notice under subsection (1) or (2), the Authority must inform the other State Contracting Governments of the decision.

10 Exchange rates

  The exchange rate to be applied to a transfer of an entitlement is the rate determined in accordance with Table 2.

Table 2

               From     New South Wales Murray  Victoria Murray  SA LIC  Goulburn  Murrumbidgee
To                      HSEC                    HR                       HR        HSEC
New South Wales Murray
HSEC                    1.0000                  N/A              N/A     N/A       N/A
Victoria Murray
HR                      N/A                     1.0000           N/A     N/A       N/A
SA LIC                  N/A                     N/A              1.0000  N/A       N/A
Goulburn
HR                      N/A                     1.0000           1.0000  1.0000    N/A
Murrumbidgee HSEC*      N/A                     N/A              N/A     N/A       1.0000