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<br />Texas Water Development Board <br />Water Banking <br /> <br />Page 2 of 6 <br /> <br />under Chapter 76, .Acts of the 43rd Legislature, 1st Called <br />Session, 1933 (Article 1434a, Vernon's Texas Civil Statutes). <br />"Transfer" - the conveyance of a water right or the right <br />to use water under a water right in any of the following manners: <br />.(A) the conveyance of legal title to a water right; or <br />(B) a contract or option contract to allow use of a water <br />right. <br />"Water right" - a right acquired or authorized under the <br />laws of this state to impound, divert, or use state water, <br />underground water, or vater fro. any source to the extent <br />authorized by laVe <br /> <br />S3S..3. lOar4 &oquisitioD Of .ater aiqhts. The board ..y <br />purchase, lease, hold, accept aaa gitt, and sell vater rights or <br />the right to use water as necessary to operate the bank and <br />tacilitate the transter ot water rights troa the bank tor future <br />beneticial use in Texas, in accordance with state laVe <br /> <br />S3S..4. Other applicable taw. Unless otherwise specitied <br />by Texas Water Code, Chapter 15, Subchapter ~, transters through <br />the bank do not eli.inate the requireaent to co.ply vith the <br />provisions ot Texas Water Code, Chapter 11 and other applicable <br />lave <br /> <br />S3S..I. Prooe4ares for Deposit. A potential depositor <br />shall tile a co.pleted application tor deposit with the <br />administrator on toras or in a format provided by the <br />administrator and provide such intormation as the administrator <br />may require to evaluate the proposed application for deposit. <br />The administrator shall notity the potential depositor within 30 <br />calendar days of receipt ot the application tor deResit it <br />additional intormation is needed to complete the application. <br />The date ot deposit is the date ot receipt ot a co.pleted <br />application tor deposit. Within 30 calendar days tollowing the <br />receipt ot a coapleted application tor deposit, the administrator <br />shall notity the executive director ot the co..ission and <br />depositor of the acceptance or refusal ot the deposit. <br /> <br />S3S.... 8aak ae.iaw. The administrator ..y withdraw a <br />deposit vhere the administrator tinds the deposit to be: <br />(a) representative of a vater right, or portion thereof, <br />that is not quantifiable; <br />(b) representative ot a vater right, or portion thereot, <br />vhere a petition or other tormal action has been tiled <br />vith the co..ission tor the cancellation or torteiture <br />ot the water right before the date of deposit; or, <br />(C) contrary, for any rea.on, to the purpose. ot the Texas <br />Water Code, Chapter 15, Subchapter K, or these rules, <br />or other provisions ot the Water code or applicable <br />law. <br />