sec.155Disclosure to proposed transferee or lessee of water allocation to which distribution operations licence applies

### sec.155 Disclosure to proposed transferee or lessee of water allocation to which distribution operations licence applies This section applies to a water allocation if the water to which the water allocation relates is distributed to its holder (the allocation holder ) under a distribution operations licence (the DOL ). The allocation holder must, before entering into a contract for the transfer or lease of the water allocation, give the transferee or lessee under the contract— a disclosure statement for the water allocation; and an acknowledgement notice for the water allocation, for signing by the transferee or lessee. a contract for the sale or lease of the water allocation or for the transfer or sublease of a lease of the water allocation The disclosure statement for the water allocation— must fairly set out, for the water allocation, the relevant details of the distribution arrangements of the DOL holder, and the financial obligations of the allocation holder arising from the arrangements; and subject to paragraph (a) , must be, or must include, a document— as prepared by the DOL holder for the purposes of the water allocation; and given by the DOL holder to the allocation holder at the request of the allocation holder. The DOL holder must ensure that the matters stated in the document mentioned in subsection (3) (b) are the matters that the transferee or lessee reasonably needs to be aware of before entering into the contract. If the contract is entered into, but has not already been settled, and the allocation holder did not give the transferee or lessee the disclosure statement as required under this section, the transferee or lessee may terminate the contract. In this section— acknowledgement notice , for the water allocation, means a statement in the approved form acknowledging that the transferee or lessee— has seen a disclosure statement for the water allocation; and understands the obligations, as set out in the disclosure statement, that apply to the transferee or lessee on becoming the holder of the water allocation. s 155 ins 2014 No. 64 s 68 (sec.155-ssec.1) This section applies to a water allocation if the water to which the water allocation relates is distributed to its holder (the allocation holder ) under a distribution operations licence (the DOL ). (sec.155-ssec.2) The allocation holder must, before entering into a contract for the transfer or lease of the water allocation, give the transferee or lessee under the contract— a disclosure statement for the water allocation; and an acknowledgement notice for the water allocation, for signing by the transferee or lessee. a contract for the sale or lease of the water allocation or for the transfer or sublease of a lease of the water allocation (sec.155-ssec.3) The disclosure statement for the water allocation— must fairly set out, for the water allocation, the relevant details of the distribution arrangements of the DOL holder, and the financial obligations of the allocation holder arising from the arrangements; and subject to paragraph (a) , must be, or must include, a document— as prepared by the DOL holder for the purposes of the water allocation; and given by the DOL holder to the allocation holder at the request of the allocation holder. (sec.155-ssec.4) The DOL holder must ensure that the matters stated in the document mentioned in subsection (3) (b) are the matters that the transferee or lessee reasonably needs to be aware of before entering into the contract. (sec.155-ssec.5) If the contract is entered into, but has not already been settled, and the allocation holder did not give the transferee or lessee the disclosure statement as required under this section, the transferee or lessee may terminate the contract. (sec.155-ssec.6) In this section— acknowledgement notice , for the water allocation, means a statement in the approved form acknowledging that the transferee or lessee— has seen a disclosure statement for the water allocation; and understands the obligations, as set out in the disclosure statement, that apply to the transferee or lessee on becoming the holder of the water allocation. - (a) a disclosure statement for the water allocation; and - (b) an acknowledgement notice for the water allocation, for signing by the transferee or lessee. - (a) must fairly set out, for the water allocation, the relevant details of the distribution arrangements of the DOL holder, and the financial obligations of the allocation holder arising from the arrangements; and - (b) subject to paragraph (a) , must be, or must include, a document— (i) as prepared by the DOL holder for the purposes of the water allocation; and (ii) given by the DOL holder to the allocation holder at the request of the allocation holder. - (i) as prepared by the DOL holder for the purposes of the water allocation; and - (ii) given by the DOL holder to the allocation holder at the request of the allocation holder. - (i) as prepared by the DOL holder for the purposes of the water allocation; and - (ii) given by the DOL holder to the allocation holder at the request of the allocation holder. - (a) has seen a disclosure statement for the water allocation; and - (b) understands the obligations, as set out in the disclosure statement, that apply to the transferee or lessee on becoming the holder of the water allocation.