Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The functions of the Commonwealth Environmental Water Holder are, on behalf of the Commonwealth:
(a) to manage the Commonwealth environmental water holdings; and
(b) to administer the Environmental Water Holdings Special Account.
(2) The function of managing the Commonwealth environmental water holdings includes doing any of the following on behalf of the Commonwealth:
(a) exercising any powers of the Commonwealth to purchase, dispose of and otherwise deal in water and water access rights, water delivery rights or irrigation rights;
(b) exercising any powers of the Commonwealth to enter into contracts (including options contracts) for the purposes of such purchasing, disposal or other dealing;
(c) maintaining an up to date record of the Commonwealth environmental water holdings;
(d) making available water from the Commonwealth environmental water holdings;
(e) entering into contracts or other arrangements in relation to:
(i) the taking or use of water under rights or interests that form part of the Commonwealth environmental water holdings; or
(ii) the undertaking of work to enable the taking or use of water under rights or interests that form part of the Commonwealth environmental water holdings.
(3) The functions of the Commonwealth Environmental Water Holder are to be performed for the purpose of protecting or restoring the environmental assets of:
(a) the Murray - Darling Basin; and
(b) other areas outside the Murray - Darling Basin where the Commonwealth holds water;
so as to give effect to relevant international agreements.
Note: This subsection and subsection (4) are modified in relation to water access rights acquired by the Commonwealth with amounts debited from the Water for the Environment Special Account (see subsection 86AE(2)).
(4) Without limiting subsection (3), the Commonwealth Environmental Water Holder must manage the Commonwealth environmental water holdings in accordance with:
(a) to the extent that the Commonwealth environmental water holdings relate to water in the Murray - Darling Basin--the environmental watering plan; and
(b) to the extent that the Commonwealth environmental water holdings relate to water in an area outside the Murray - Darling Basin--the plan (if any) that:
(i) relates to environmental watering in that area; and
(ii) is specified, in relation to that area, in the regulations; and
(c) any operating rules that the Minister has made under section 109; and
(d) any environmental watering schedules to which the Commonwealth Environmental Water Holder is a party.
(5) Paragraph (4)(a) does not prevent the Commonwealth Environmental Water Holder making available water from the Commonwealth environmental water holdings for the purposes of protecting or restoring the environmental assets of an area outside the Murray - Darling Basin so as to:
(a) give effect to an agreement between the Commonwealth and one or more States; and
(b) return water to the Snowy River.