524Circumstances for waiver—special circumstances

524  Circumstances for waiver—special circumstances

  The System Governor may waive the right to recover a recoverable amount if:

 (a) the recoverable amount did not arise in whole or part as a result of:

 (i) a contravention of this Act; or

 (ii) a false or misleading statement or a misrepresentation; and

 (b) there are special circumstances (other than financial hardship) that the System Governor is satisfied make waiver appropriate; and

 (c) the System Governor is satisfied that waiver is more appropriate than writing off the recoverable amount.