Dealings in unconfirmed water shares
32 Dealings in unconfirmed water shares
The following dealings are the only dealings that may take place in relation to unconfirmed water shares—
transfer of ownership of the share under section 33S;
limited term transfer of the water share;
Sch. 15 cl. 32(1)(c) amended by No. 32/2010 s. 76(1)(a).
discharge of a mortgage over the water share;
Sch. 15 cl. 32(1)(d) inserted by No. 32/2010 s. 76(1)(b).
assignment of a water allocation under the water share under section 33U or 33V;
Sch. 15 cl. 32(1)(e) inserted by No. 32/2010 s. 76(1)(b).
surrender of the water share under section 33AA;
Sch. 15 cl. 32(1)(f) inserted by No. 32/2010 s. 76(1)(b).
surrender of limited term transfer under section 33T(5).
In addition to any requirements applying to the transfer of water shares under Part 3A—
any transfer of ownership of an unconfirmed water share under section 33S does not have effect until the Authority (that is responsible for managing the irrigation district in which the water system in which the water share is issued) approves the transfer, in accordance with any relevant rules made under Part 3A, and notifies the Registrar of that approval; and
any limited term transfer of an unconfirmed water share must not be recorded in the water register until the Authority (that is responsible for managing the irrigation district in which the water system in which the water share is issued) approves the transfer, in accordance with any relevant rules made under Part 3A, and notifies the Registrar of that approval.
Sch. 15 cl. 32(3) inserted by No. 32/2010 s. 76(2).
In the case of an assignment of a water allocation under a water share to which subclause (1)(d) applies, all persons who own the water share, in whole or in part, and all persons who have limited term transfers under the water share, in whole or in part are to be taken to be the holder of the water share.
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