27Water access entitlement—effect of transfer on licence to

27 Water access entitlement—effect of transfer on licence to take water (1) If a person transfers absolutely the whole of a water access licence to take water relates, the licence is taken to be cancelled. (2) If a person transfers, for a limited period, the whole of a water access licence to take water relates, the licence is taken to be suspended for the period. (3) If a person transfers absolutely part of a water access entitlement or corresponding water access entitlement to which a licence to take water relates, the amount of water the person is authorised to take under the licence is taken to be reduced by the amount of the transfer. (4) If a person transfers, for a limited period, part of a water access licence to take water relates, the amount of water the person is authorised to take under the licence is taken to be reduced by the amount of the transfer for the period. (5) In this section: corresponding water access entitlement means a water access entitlement (however described) granted under a law of the Commonwealth, a State or another Territory that regulates the granting of entitlements to water and is prescribed by regulation for this definition.