Water Amendment (Water Trading) Act 2014

Authorised by the Chief Parliamentary Counsel Authorised Version i Water Amendment (Water Trading) Act 2014 No. 28 of 2014 TABLE OF PROVISIONS Section Page PART 1—PRELIMINARY 1 1 Purpose 1 2 Commencement 2 PART 2—AMENDMENT OF WATER ACT 1989 3 3 Definitions 3 4 Limited term transfers—water shares 3 5 New sections 33TA and 33TB inserted 3 33TA Standing directions as to future water allocations under water shares 3 33TB Ministerial approval of revocation of standing direction 4 6 Assignment of water allocation—water shares 5 7 Further assignment of water allocation—water shares 5 8 Offence 6 9 Ministerial approval 6 10 New section 33AVA inserted 6 33AVA Effect of death of person who holds a water allocation 6 11 Application for Tribunal to review certain decisions of Minister as to water shares 7 12 Assignment of water allocation—bulk entitlements 7 13 Further assignment of water allocation—bulk entitlements 8 14 Assignment of water allocation—environmental entitlements 8 15 Further assignment of water allocation—environmental entitlements 8 16 Responsibilities for water register 8 17 New section 84WB inserted 9 84WB What is recorded in the water register about standing directions? 9 18 What information is available from the water register? 9 19 Statute law revision 9 -- 1 of 13 -- Section Page ii Authorised by the Chief Parliamentary Counsel PART 3—REPEAL OF AMENDING ACT 10 20 Repeal of amending Act 10 ═══════════════ ENDNOTES 11 -- 2 of 13 -- Authorised by the Chief Parliamentary Counsel Authorised Version 1 Water Amendment (Water Trading) Act 2014 † No. 28 of 2014 [Assented to 8 April 2014] The Parliament of Victoria enacts: PART 1—PRELIMINARY 1 Purpose The purpose of this Act is to amend the Water Act 1989— (a) to meet certain requirements of the water trading rules set out in Chapter 12 of the Basin Plan made under the Water Act 2007 of the Commonwealth in relation to more flexible trading of available and future water allocations; and Victoria -- 3 of 13 -- Part 1—Preliminary Water Amendment (Water Trading) Act 2014 No. 28 of 2014 2 Authorised by the Chief Parliamentary Counsel (b) to make other amendments in relation to dealings with water shares; and (c) to make other minor amendments. 2 Commencement (1) Subject to subsection (2), this Act comes into operation on a day or days to be proclaimed. (2) If a provision of this Act does not come into operation before 1 July 2014, it comes into operation on that day. __________________ s. 2 -- 4 of 13 -- Part 2—Amendment of Water Act 1989 Water Amendment (Water Trading) Act 2014 No. 28 of 2014 3 Authorised by the Chief Parliamentary Counsel PART 2—AMENDMENT OF WATER ACT 1989 3 Definitions In section 3(1) of the Water Act 1989 insert the following definition— "standing direction has the meaning given by section 33TA(1);". 4 Limited term transfers—water shares (1) In the heading to section 33T of the Water Act 1989, after "transfers" insert "of rights to future water allocations under water shares". (2) For section 33T(1) of the Water Act 1989 substitute— "(1) The owner of a water share may transfer the whole of the right to future water allocations under that share for a fixed period to any person.". 5 New sections 33TA and 33TB inserted After section 33T of the Water Act 1989 insert— "33TA Standing directions as to future water allocations under water shares (1) An owner of a water share may give a direction to an Authority under which the whole of the right to future water allocations under that share is transferred to the person nominated in the direction (a standing direction). s. 3 See: Act No. 80/1989. Reprint No. 11 as at 1 December 2013 and amending Act No. 22/2013. LawToday: www. legislation. vic.gov.au -- 5 of 13 -- Part 2—Amendment of Water Act 1989 Water Amendment (Water Trading) Act 2014 No. 28 of 2014 4 Authorised by the Chief Parliamentary Counsel (2) A standing direction entitles the person nominated in the direction to take water under future water allocations under the water share. (3) A standing direction may have the effect, if so specified in the direction, of enabling the taking of water under a water allocation from a water system that is not the associated water system for the water share. (4) A standing direction takes effect on the date on which the Minister approves the giving of it under section 33X(1)(ba). (5) A standing direction remains in effect until— (a) its revocation is approved under section 33TB; or (b) the water share is— (i) divided under section 33Y; or (ii) consolidated with another water share under section 33Z; or (iii) surrendered under section 33AA; or (iv) cancelled under section 33AB or 33ABA. 33TB Ministerial approval of revocation of standing direction The Minister, on application by the owner of a water share, may approve the revocation of a standing direction.". s. 5 -- 6 of 13 -- Part 2—Amendment of Water Act 1989 Water Amendment (Water Trading) Act 2014 No. 28 of 2014 5 Authorised by the Chief Parliamentary Counsel 6 Assignment of water allocation—water shares (1) For section 33U(1) and (1A) of the Water Act 1989 substitute— "(1) The holder of a water share may assign the whole or a part of the water allocation available to that person under that share (at the time at which the assignment is made) to any person. (1A) A person who, as a result of the operation of section 33S(3), has a water allocation available to them, may assign the whole or a part of the allocation to any person.". (2) In section 33U(5) of the Water Act 1989— (a) in paragraph (a), after "limited term transfer" insert "or standing direction"; and (b) in paragraph (b), for "transfer." substitute "transfer; or"; and (c) after paragraph (b) insert— "(c) in the case of a water share in respect of which there is a standing direction, the person nominated in the direction.". 7 Further assignment of water allocation—water shares For section 33V(1) of the Water Act 1989 substitute— "(1) A person to whom the whole or a part of a water allocation has been assigned under section 33U(1), or under this section, may assign the whole or a part of the assigned water allocation to any person.". s. 6 -- 7 of 13 -- Part 2—Amendment of Water Act 1989 Water Amendment (Water Trading) Act 2014 No. 28 of 2014 6 Authorised by the Chief Parliamentary Counsel 8 Offence (1) In the heading to section 33W of the Water Act 1989, after "transfer" insert ", standing direction". (2) For section 33W(1) of the Water Act 1989 substitute— "(1) A person must not do any of the following without the approval of the Minister— (a) transfer ownership of a water share; or (b) transfer ownership of a water share that is subject to a mortgage recorded under clause 1 of Schedule 12A; or (c) give a limited term transfer; or (d) give a standing direction; or (e) give a water allocation assignment. Penalty: 60 penalty units.". 9 Ministerial approval After section 33X(1)(b) of the Water Act 1989 insert— "(ba) the giving of a standing direction; or". 10 New section 33AVA inserted After section 33AV of the Water Act 1989 insert— "33AVA Effect of death of person who holds a water allocation (1) This section applies if— (a) there is water available for a person to take under— (i) a water allocation under a water share held by the person as a s. 8 -- 8 of 13 -- Part 2—Amendment of Water Act 1989 Water Amendment (Water Trading) Act 2014 No. 28 of 2014 7 Authorised by the Chief Parliamentary Counsel result of the operation of section 33S(3); or (ii) a standing direction; or (iii) an assignment of a water allocation under a water share to the person under section 33U; and (b) the person dies. (2) An assignment (in accordance with section 33U) or a further assignment (in accordance with section 33V) of the water allocation may be made by— (a) if the deceased person was the only person who could have taken water under the water allocation—a person authorised to act on behalf of the estate of the deceased person; or (b) if the deceased person was not the only person who could have taken water under the water allocation—a person authorised to act on behalf of the estate of the deceased person together with the other persons.". 11 Application for Tribunal to review certain decisions of Minister as to water shares After section 33AX(e) of the Water Act 1989 insert— "(ea) refuse to approve the giving of a standing direction under section 33X(1)(ba); or". 12 Assignment of water allocation—bulk entitlements For section 46(1) of the Water Act 1989 substitute— "(1) An Authority, by instrument, may assign the whole or a part of a water allocation available under a bulk entitlement held by s. 11 -- 9 of 13 -- Part 2—Amendment of Water Act 1989 Water Amendment (Water Trading) Act 2014 No. 28 of 2014 8 Authorised by the Chief Parliamentary Counsel the Authority under this Division (at the time at which the assignment is made) to any person.". 13 Further assignment of water allocation—bulk entitlements For section 46A(1) of the Water Act 1989 substitute— "(1) A person to whom the whole or a part of a water allocation has been assigned under section 46, or under this section, may assign the whole of the assigned allocation to any person.". 14 Assignment of water allocation—environmental entitlements For section 48L(1) of the Water Act 1989 substitute— "(1) The Water Holder, by instrument, may assign the whole or a part of a water allocation available under an environmental entitlement (at the time at which the assignment is made) to any person.". 15 Further assignment of water allocation— environmental entitlements For section 48M(1) of the Water Act 1989 substitute— "(1) A person to whom the whole or a part of a water allocation has been assigned under section 48L, or under this section, may assign the whole of the assigned allocation to any person.". 16 Responsibilities for water register After section 84C(3)(b) of the Water Act 1989 insert— "(ba) standing directions; and". s. 13 -- 10 of 13 -- Part 2—Amendment of Water Act 1989 Water Amendment (Water Trading) Act 2014 No. 28 of 2014 9 Authorised by the Chief Parliamentary Counsel 17 New section 84WB inserted After section 84WA of the Water Act 1989 insert— "84WB What is recorded in the water register about standing directions? An Authority must ensure that standing directions are recorded in the water register including— (a) the name of the person nominated in the direction; and (b) any other information that the Authority considers necessary.". 18 What information is available from the water register? In section 84X(1)(a) of the Water Act 1989, for "or 84WA" substitute ", 84WA or 84WB". 19 Statute law revision In section 216(2) of the Water Act 1989, for "Secretary to the Department of Infrastructure" substitute "Secretary to the Department of Transport, Planning and Local Infrastructure". __________________ s. 17 -- 11 of 13 -- Part 3—Repeal of Amending Act Water Amendment (Water Trading) Act 2014 No. 28 of 2014 10 Authorised by the Chief Parliamentary Counsel PART 3—REPEAL OF AMENDING ACT 20 Repeal of amending Act This Act is repealed on 1 July 2015. Note The repeal of this Act does not affect the continuing operation of the amendments made by it (see section 15(1) of the Interpretation of Legislation Act 1984). ═══════════════ s. 20 -- 12 of 13 -- Water Amendment (Water Trading) Act 2014 No. 28 of 2014 11 Authorised by the Chief Parliamentary Counsel ENDNOTES † Minister's second reading speech— Legislative Assembly: 6 February 2014 Legislative Council: 27 March 2014 The long title for the Bill for this Act was "A Bill for an Act to amend the Water Act 1989 to meet certain requirements of the water trading rules set out in Chapter 12 of the Basin Plan made under the Water Act 2007 of the Commonwealth in relation to more flexible trading of available and future water allocations and for other purposes." By Authority. Government Printer for the State of Victoria. Endnotes -- 13 of 13 --