The Arkansas Natural Resources Commission shall limit water rights in the following manner:

1. (1) Duration. In determining time limitations for water rights, the commission shall consider the time required to amortize the water user's investment as well as the cost and useful life of the facility;
2. (2) Quantity. The commission may limit annual withdrawals;

3. (3) Precedence.

   1. (A) In the event two (2) or more competing applications specifying the same priority are made, preference shall be given to a renewal application over an initial application.
   2. (B) On all renewal applications, consideration shall be given to a reasonable beneficial use;

4. (4) Off-tract use of water.

   1. (A) The allocated water may be used only on the described realty, except as:

      1. (i) Provided in 15 CAR § 21-405(6); or
      2. (ii) The commission authorizes in times of emergency.
   2. (B) Upon application, a water right recipient acquiring or leasing additional contiguous or noncontiguous realty shall be entitled to an amended water right so as to encompass such realty;
5. (5) Water rights run with the land. A water right may not be conveyed or otherwise marketed or transferred separate from the realty described in the water right; and
6. (6) Automatic transferal. Water rights shall be an incident of surface ownership of the realty and shall, upon notice to the commission, be transferred to the new owner.