55Commission may grant exemptions

#### 55 Commission may grant exemptions (1) The Commission may, on application by: (a) a person: (i) on that person’s own behalf; or (ii) on behalf of that person and another person or other persons; or (iii) on behalf of another person or other persons; or (b) 2 or more persons: (i) on their own behalf; or (ii) on behalf of themselves and another person or other persons; or (iii) on behalf of another person or other persons; by instrument grant to the person or persons to whom the application relates, as the case may be, an exemption from the operation of a provision of Division 1 or 2, as specified in the instrument. (2) The Commission may, on application by a person to, or in respect of, whom an exemption from a provision of Division 1 or 2 has been granted under subsection (1), being an application made before the expiration of the period to which the exemption was granted, grant a further exemption from the operation of that provision. (3) An exemption granted under subsection (1), or further exemption, from the operation of a provision of Division 1 or 2: (a) may be granted subject to such terms and conditions as are specified in the instrument; and (b) may be expressed to apply only in such circumstances, or in relation to such activities, as are specified in the instrument; and (c) are to be granted for a specified period not exceeding 5 years.