521Waiver of right to recover recoverable amount

521  Waiver of right to recover recoverable amount

 (1) Subject to subsections (2) and (3), the System Governor may, on behalf of the Commonwealth, waive the right of the Commonwealth to recover:

 (a) the whole or a part of a recoverable amount; or

 (b) a class of recoverable amounts.

 (2) The System Governor may, on behalf of the Commonwealth, waive the right of the Commonwealth to recover the whole or a part of a recoverable amount only in the circumstances described in section 522, 523 or 524.

 (3) The System Governor may, on behalf of the Commonwealth, waive the right of the Commonwealth to recover a class of recoverable amounts only if:

 (a) circumstances described in section 522, 523 or 524 apply to each recoverable amount in the class; or

 (b) circumstances described in section 524A apply to the class.

 (4) A waiver takes effect:

 (a) on the day specified in the waiver (whether that day is before, on or after the day the decision to waive is made); or

 (b) if the waiver does not specify when it takes effect—on the day the decision to waive is made.

Note: If the System Governor waives the Commonwealth’s right to recover all or part of a recoverable amount, this is a permanent bar to recovery of the recoverable amount or part of the recoverable amount and the recoverable amount or part of the recoverable amount effectively ceases to exist.