Water Management Act 2000

Subject to this clause, a person who, immediately before the appointed day, had an interest in an entitlement (being an interest in the nature of a security interest) is taken to have an equivalent security interest in the replacement access licence.

If the interest in the entitlement arose from a mortgage over land, the equivalent security interest in the access licence is taken to be a mortgage over the replacement access licence.

If a document in the approved form with respect to a security interest in a replacement access licence is lodged for registration in the Access Register within the prescribed period, or is subsequently lodged for registration pursuant to an order of a court in proceedings that have been commenced within that period and of which notice has been given to the Minister within that period, then on registration—

it ranks, with respect to any other security interest, in the same priority as it previously ranked under section 184G of the Conveyancing Act 1919 or section 36 of the Real Property Act 1900, or under Part 2K.3 of the Corporations Act 2001 of the Commonwealth, as the case may be, and

it ranks before any other security interest in the licence that arises after the appointed day, regardless of when that other security interest is registered.

A security interest in a replacement access licence in respect of which a document in the approved form is not lodged for registration in the Access Register within the time allowed by subclause (3) is taken to have been extinguished.

As soon as practicable after the appointed day, the Director-General is to cause a notice containing the following matters to be published in an appropriate newspaper, and in any other manner the Director-General thinks fit—

that security interests in replacement access licences may be registered in the Access Register,

that security interests registered in the Access Register will retain their current priority relative to other security interests,

that the Director-General will act for any person claiming a security interest, at no cost to the person, in relation to the registration of the interest in the Access Register,

that, before the Director-General will take action under this clause with respect to a person’s security interest, the person claiming the interest must lodge with the Director-General a written notice stating that the person has, at least 90 days before lodging the notice, advised the holder of the licence, in the form approved by the Director-General, as to the existence of the security interest claimed.

As soon as practicable after receiving written notice of a claimed security interest, the Director-General must forward the claim to the Minister for registration in the Access Register.

If an objection is received in relation to the claimed security interest, the Director-General may nevertheless forward the claim to the Minister but, in that event—

the Director-General must indicate to the Minister that the claim is disputed, and

the Minister must ensure that, when the interest is registered, a note to the effect that the claim is disputed is included in the Access Register in relation to the interest.

Subclause (7) (b) does not prevent the Minister from including in the Access Register such other notes as he or she considers appropriate in relation to a claimed security interest.

Duty is not chargeable under Chapter 7 of the Duties Act 1997 on any security interest arising under this clause.

Despite subclause (9), duty may become chargeable on a security interest under section 210 (2) of the Duties Act 1997 in relation to any advance or further advance referred to in that subsection that occurs after the security interest is registered in the Access Register.

Subclause (10B) applies only to an access licence arising from an entitlement with respect to land in respect of which an interest was, immediately before the appointed day, registered under the Real Property Act 1900 or under the Corporations Act 2001 of the Commonwealth.

No dealing that requires the consent of the holder of a security interest may be registered in relation to an access licence until the expiry of the prescribed period unless, before the expiry of that period, the holder of the interest—

has lodged with the Director-General a notice of the kind referred to in subclause (5) (d), or

has notified the Director-General that the holder does not propose to seek registration of the interest in the Access Register.

In this clause, prescribed period, in relation to an interest in a replacement access licence, means the period of 36 months beginning on the appointed day for that licence.