Document ID: chunk:federal_register_of_legislation:C2025C00134:section:126e
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 126E
Character Range: 615738–617346

126E  The effect of seeking a waiver of disqualified person status
 (1) If:
 (a) a person is a disqualified person; and
 (b) the person is eligible to make application for a declaration waiving his or her status as a disqualified person; and
 (c) the person makes application for such a declaration under subsection 126B(3) within the application period specified in that subsection;
the person is treated, for the purposes of this Act, (other than the purpose of the application for the declaration) as not being, and as never having been, a disqualified person until that application is decided.
 (2) On deciding an application for a declaration waiving the disqualified person status of a person to whom paragraphs 1(a), (b) and (c) apply:
 (a) if the Regulator decides to make the declaration, the Act applies as if the person had never been disqualified; and
 (b) if the Regulator decides not to make the declaration, the person again becomes a disqualified person from the date of the decision.
 (3) If:
 (a) a person is a disqualified person; and
 (b) the person is eligible to make application for a declaration waiving his or her status as a disqualified person; and
 (c) the person makes application for such a declaration under subsection 126B(4);
then:
 (d) pending the decision of the application the person continues to be a disqualified person for the purposes of this Act; but
 (e) if the Regulator decides to make a declaration waiving the person's status as a disqualified person, the person is treated, for the purposes of this Act, as if the person had never been a disqualified person.