29M   Registration of security interests in replacement access licences

(1)  Pursuant to clause 1 of Schedule 9 to the Act, clause 19 of Schedule 10 to the Act is to be construed as if:

(a)  the reference in clause 19 (5) to the commencement of Part 2 of Schedule 10 to the Act were a reference to 1 November 2006, and

(b)  the reference in clause 19 (5) (a) to replacement access licences were a reference to replacement access licences arising under clause 29L in relation to the water sources referred to in Schedule 4B.

(2)  Pursuant to clause 1 of Schedule 9 to the Act, the following subclauses are taken to be inserted after clause 19 (10):

  

(10A)  Subclause (10B) applies only to an access licence arising from an entitlement with respect to land in respect of which an interest was, immediately before 1 November 2006, registered under the Real Property Act 1900 or under the Corporations Act 2001 of the Commonwealth.

(10B)  No dealing that requires the consent of the holder of a security interest may be registered in relation to an access licence until the expiry of the prescribed period unless, before the expiry of that period, the holder of the interest:

(a)  has lodged with the Director-General a notice of the kind referred to in subclause (5) (d), or

(b)  has notified the Director-General that the holder does not propose to seek registration of the interest in the Access Register.