sec.162Water allocations may be surrendered

### sec.162 Water allocations may be surrendered A water allocation may be surrendered to the chief executive by agreement between the chief executive and the water allocation holder. However, a water allocation managed under a resource operations licence or a distribution operations licence can not be surrendered without the consent of the holder of the licence which may be given with or without conditions. If a water allocation is subject to a supply contract or distribution arrangements, the chief executive is liable for fees under the supply contract or distribution arrangements unless otherwise agreed between the chief executive and the holder of a resource operations licence or a distribution operations licence. However, the chief executive’s liability for fees under subsection (3) is limited to fees that arise from holding the allocation after surrender and does not include exit or termination fees. If a water allocation is surrendered, the chief executive may, subject to any conditions under subsection (2) — hold the allocation; or lease or sell the allocation by public auction, public ballot, public tender or in another way decided by the chief executive; or transfer the allocation to the holder of the relevant resource operations licence or distribution operations licence; or cancel the allocation under a water entitlement notice and— grant another water entitlement to replace the allocation; or state the authority under this Act that replaces it; or cancel the allocation. s 162 ins 2014 No. 64 s 68 (sec.162-ssec.1) A water allocation may be surrendered to the chief executive by agreement between the chief executive and the water allocation holder. (sec.162-ssec.2) However, a water allocation managed under a resource operations licence or a distribution operations licence can not be surrendered without the consent of the holder of the licence which may be given with or without conditions. (sec.162-ssec.3) If a water allocation is subject to a supply contract or distribution arrangements, the chief executive is liable for fees under the supply contract or distribution arrangements unless otherwise agreed between the chief executive and the holder of a resource operations licence or a distribution operations licence. (sec.162-ssec.4) However, the chief executive’s liability for fees under subsection (3) is limited to fees that arise from holding the allocation after surrender and does not include exit or termination fees. (sec.162-ssec.5) If a water allocation is surrendered, the chief executive may, subject to any conditions under subsection (2) — hold the allocation; or lease or sell the allocation by public auction, public ballot, public tender or in another way decided by the chief executive; or transfer the allocation to the holder of the relevant resource operations licence or distribution operations licence; or cancel the allocation under a water entitlement notice and— grant another water entitlement to replace the allocation; or state the authority under this Act that replaces it; or cancel the allocation. - (a) hold the allocation; or - (b) lease or sell the allocation by public auction, public ballot, public tender or in another way decided by the chief executive; or - (c) transfer the allocation to the holder of the relevant resource operations licence or distribution operations licence; or - (d) cancel the allocation under a water entitlement notice and— (i) grant another water entitlement to replace the allocation; or (ii) state the authority under this Act that replaces it; or - (i) grant another water entitlement to replace the allocation; or - (ii) state the authority under this Act that replaces it; or - (e) cancel the allocation. - (i) grant another water entitlement to replace the allocation; or - (ii) state the authority under this Act that replaces it; or