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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 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.


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