33YDivision of water shares

33Y Division of water shares (1) The Minister may, on the application of the owner of a water share, divide the water share either— (a) by cancelling the water share and by issuing new shares in respect of the volume of the water share; or (b) by varying the water share so as to reduce the volume that is specified in the application, and issuing one or more new water shares in respect of the volume that is specified in the application. S. 33Y(2) substituted by No. 85/2006 s. 13. (2) In granting an application under subsection (1), the Minister must consider any relevant rules made under Division 13. S. 33Y(3) substituted by No. 85/2006 s. 13. (3) On the division of a water share under subsection (1), any mortgage that applied to the water share immediately before that division is, on and from the division, deemed to apply— (a) in the case of the cancellation of the old share under subsection (1)(a), to each new share that is issued; or (b) in the case of the variation of one share and the issue of one or more new shares under subsection (1)(b), to the share that is varied and to each new share that is issued. S. 33Y(4) inserted by No. 32/2010 s. 13. (4) On the division of a water share under subsection (1), any limited term transfer that applied to the water share immediately before that division is, on and from that division, deemed to apply— (a) in the case of the cancellation of the old share under subsection (1)(a), to each new share that is issued; or (b) in the case of the variation of one share and the issue of one or more new shares under subsection (1)(b), to the share that is varied and to each new share that is issued. S. 33Z inserted by No. 99/2005 s. 41.