SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 15 - STANDARDS FOR TRUSTEES, CUSTODIANS AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES  

Division 3 - Disqualified persons  

Subdivision A - Disqualification by the Commissioner of Taxation  

SECTION 126E   THE EFFECT OF SEEKING A WAIVER OF DISQUALIFIED PERSON STATUS  

126E(1)   [Application made within 14 day period]  

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.

126E(2)   [Effect of decision]  

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.

126E(3)   [Application made outside 14 day period]  

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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