74Exit from co-held access licence

#### 74 Exit from co-held access licence 74 Exit from co-held access licence > > (1) On the application of one or more of the co-holders of an access licence (the original access licence), the Minister may consent to the extinguishment of the holdings of one or more co-holders in the licence and the granting of a new access licence in accordance with Schedule 1B. > > > (2) If the Minister extinguishes holdings in the original licence and grants a new access licence under subsection (1), the Minister is to reduce the entitlements under the original access licence to the extent necessary to reflect the entitlements conferred by the new licence. > > > (3) An application may not be made under subsection (1) without the consent in writing of all of the co-holders of the access licence concerned or of co-holders who hold a majority share of the holdings under the licence. > > > (4) On the application of one or more co-holders of an access licence, the Supreme Court may, if it considers it just and equitable to do so, order that the consent referred to in subsection (3) need not be obtained and may make ancillary orders for the purposes of this section. > > > (5) When determining such an application where the water supply work nominated by the access licence concerned is shared by some or all of the co-holders of the licence, the Supreme Court is to take into consideration the likely effect that the taking of action under subsection (1) would have on the use of that work and the co-holders who have the benefit of it. > > > (6) This section does not apply to an access licence if— > > > > > (a) there is any money due under this Act in respect of the access licence, including administrative penalties imposed under this Act, or > > > > > (b) the co-holders hold the licence as joint tenants, or > > > > > (c) the access licence dealing principles or the access licence dealing rules prevent an application being made under this section. > > > (7) Schedule 1B has effect. > > **s 74:** Rep 2002 No 138, Sch 2 \[20\]. Ins 2005 No 118, Sch 1 \[29\]. Am 2025 No 70, Sch 3\[24\].