Other interest holders
9 Other interest holders
On the appointed day for a water system, if the registered proprietor of land in a holding in the water system is a life tenant, the life tenant is deemed to be the holder of a limited term transfer of the water share, in respect of the land, that the owner of the land is deemed to be the holder of under this Schedule.
A limited term transfer under subclause (1) continues in force, despite any other provision of this Act, until the cessation of the life tenancy.
Sch. 15 cl. 9(2A) inserted by No. 32/2010 s. 75.
Section 33AV(4) does not apply to a limited term transfer under subclause (1).
If, immediately before the appointed day for a water system—
a purchaser under a terms contract of a holding in the water system is—
in occupation of the holding; and
entitled to water, on or after that day under the terms of the contract; and
the vendor under the contract is on and from the appointed day deemed to be the holder of a water share in respect of the holding under this Schedule—
on and from the appointed day, the purchaser is deemed to be the holder of a limited term transfer, if the Minister, on application, so approves before the appointed day.
A limited term transfer under subsection (3) continues in force for so long as the purchaser is entitled to receive water under the contract.
The vendor or purchaser under a terms contract of a holding in a water system may apply to the Minister for approval under subsection (3), before the appointed day, in the form approved by the Minister.
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