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Water shares. A water share is an ongoing entitlement to a share of the water available in your water system. It gives you a right to a share of water in the dams. Features of a water share include. 1  its water system, such as the Goulburn, Murray or Macalister. 2  its reliability, and. 3  the volume, such as 100 megalitres (ML).
'Trade' of water shares can mean a transfer of ownership, a change of location, or both. A transfer of ownership occurs when a water share transfer is recorded in the Victorian Water Register. A holder of a water share may apply to their local water corporation to transfer it. The water corporation will approve the application if it is complete and meets local trading rules. As per land dealings which also require registration, the application is then submitted to the Victorian Water Registrar for recording.