29L   New share components for existing Part 5 entitlements

(1)  This clause applies for the purposes of clause 3 (1) (a), and clause 8, of Schedule 10 to the Act.

(2)  On 1 November 2006, a Part 5 entitlement (or group of Part 5 entitlements) referred to in Column 1 of Schedule 4C is taken to have been replaced:

(a)  by an aquifer access licence with a share component of the volume specified in Column 2 of that Schedule, and

(b)  if a volume is specified in Column 3 of that Schedule, by a supplementary water access licence with a share component of the volume so specified.

(3)  The volumes specified in Columns 2 and 3 of Schedule 4B in relation to any Part 5 entitlement (or group of Part 5 entitlements) have been calculated in accordance with the methodology set out in clauses 25C and 25D of the Water Sharing Plan for the Upper and Lower Namoi Groundwater Sources 2003.