(1) Throughout the term of a water reservation and with the approval of the board, the department may issue a permit for the appropriation of unperfected reserved water.

(2) A permit for reserved water authorizes the permittee to appropriate water granted in a water reservation for a period of time until the reservant requires the water to meet the objectives of the reservation.

(3) An application for permit of reserved water shall be submitted to the department and processed according to 85-2-307 through 85-2-314, MCA.

(4) A permit for reserved water shall be conditioned so as not to affect the objectives of the reservation. Upon perfection of the reservation or revocation of it by the board the permit shall terminate.

(5) The priority date of the permit is the date of the filing of an application for permit with the department.

(6) A permit may only be issued with the approval of the board.

(7) The board shall give its approval unless it determines that the conditions imposed by the department do not adequately protect the objectives of the reservation.