Part 2Registration of entitlements issued under Part 8

Part 2—Registration of entitlements issued under Part 8 6—Registration of entitlements The Minister must ensure that the following information is recorded on the register with respect to a Schedule 4 entitlement granted or issued under this Act— (a) the name and contact details of the holder or holders of the Schedule 4 entitlement; (b) the water resource to which the Schedule 4 entitlement relates, including any zone or other relevant information as to its location; (c) the date on which the Schedule 4 entitlement was issued and, if relevant, the date on which the Schedule 4 entitlement will expire under the terms of the Schedule 4 entitlement; (d) any of the following in relation to the Schedule 4 entitlement (insofar as may be relevant): (i) the date of any variation; (ii) the date of any transfer; (iii) the date of any surrender or cancellation; (e) as to any security interest that relates to a water licence or water access entitlement that is lodged for registration under this Schedule— (i) the date and time of registration; (ii) the name of the person who has the benefit of the security interest; (iii) the nature of the interest (determined according to criteria adopted by the Minister); (iv) the date and time of any registration of any variation, transfer, surrender or cancellation of the security interest; (f) prescribed information as to any caveat registered under Part 4; (g) any other information prescribed by the regulations. 7—Special arrangement as to transfers (1) In this clause— complying application means an application that complies with the requirements of this Act and the Minister for the purposes of the registration of a transfer of a Schedule 4 entitlement; prescribed period means, in relation to the transfer of a Schedule 4 entitlement, the period commencing on the day on which the Minister grants approval to the transfer and expiring on the day fixed or determined by or under the regulations. (2) A transfer of a Schedule 4 entitlement will not have any force or effect unless— (a) the Minister gives effect to the transfer in accordance with a procedure recognised by the regulations for the purposes of this paragraph; or (b) a complying application for the registration of the transfer is lodged with the Minister within the prescribed period. (3) If a transfer of a prescribed kind is not lodged within the prescribed period that applies under subclause (2), the Minister's approval under Part 8 in relation to the transfer will, by force of this clause, lapse and have no further effect. (4) This clause does not apply to the reversion of an interest in a prescribed entitlement at the end of a transfer made for a limited period. Part 3—Registration of security interests 8—Creation of security interests (1) A security interest recognised for the purposes of this Part may only relate to— (b) a water access entitlement, or part of a water access entitlement. (2) A security interest recognised for the purposes of this Part must be created by the execution of an instrument evidencing the existence of the security interest over or in respect of the relevant licence or entitlement. (3) An instrument under subclause (2)— (a) must be in a form approved by the Minister; and (b) will not have any force or effect for the purposes of this Act unless or until it is registered on the register. (4) In addition, the Minister must not register a security interest under this clause if to do so— (a) is prevented by anything already recorded on the register; or (b) is prevented by the regulations. (5) When a security interest is registered under this clause, the security interest— (a) has the effect prescribed by the regulations; but (b) does not operate as a transfer of the licence or entitlement to which it relates. 9—Priority of interests (1) Subject to this clause, the priority of security interests registered under this Part will be determined according to dates and times of registration (so that a security interest registered at an earlier time will have priority over a security interest registered at a later time). (2) The priority between registered security interests may be varied by application by all interested parties made in accordance with the regulations. (3) Subject to this clause, a registered security interest has priority over an unregistered security interest. (4) A priority established by a preceding subclause— (a) has effect subject to any caveat of a prescribed kind; and (b) has effect despite different dates for the execution of instruments or the provision of any consents (if relevant); and (c) has effect subject to any exclusions or exceptions prescribed by the regulations. (5) This clause is declared to be a Corporations legislation displacement provision for the purposes of section 5G of the Corporations Act 2001 of the Commonwealth in relation to the provisions of Chapters 2K and 5 of that Act. 11—Transfers (1) A person holding a prescribed interest with respect to a security interest registered under this Part may apply to the Minister for a transfer of the prescribed interest to another person. (2) An application under subclause (1) must be accompanied by an instrument that evidences or gives effect to the transfer. (3) The Minister must, on receipt of an application in accordance with the requirements of subclause (2), register the relevant transfer. 12—Discharge of registered interests (1) The Minister will, on application by a person holding a registered prescribed interest in a security interest under this Part, discharge the registration of the security interest. (2) The Minister may also discharge the registration of a prescribed interest in the circumstances prescribed by the regulations. 13—Enforcement of security interests (1) The regulations may prescribe a scheme for the enforcement of any security interest registered under this Part. (2) Without limiting the generality of subclause (1), a scheme prescribed under this clause may— (a) allow the exercise of a power of sale in prescribed circumstances; (b) provide for the application of purchase money obtained by the exercise of a power of sale; (c) provide for the transfer, vesting or discharge of any interest in a water licence or water access entitlement (or part of a water access entitlement); (d) provide for the transfer or vesting of a water licence or water access entitlement (or part of a water access entitlement). Part 4—Caveats 14—Caveats The regulations may prescribe a scheme for the registration, operation and discharge of caveats for the purposes of the register.