114DThe MRCC may waive debt

#### 114D The MRCC may waive debt (1) The MRCC may, on behalf of the Commonwealth, decide, in writing, to waive the Commonwealth’s right to recover from a person the whole or a part of a debt due to the Commonwealth. (2) In exercising the power under subsection (1), the MRCC must act in accordance with directions from time to time in force under subsection (3). (3) The Minister may, by legislative instrument: (a) give a direction to the MRCC relating to the exercise of its power under subsection (1); and (b) revoke or vary a direction so given. (4) Section 42 (disallowance) of the Legislation Act 2003 does not apply to a direction given by the Minister under subsection (3). (5) A decision of the MRCC under subsection (1) takes effect: (a) if no day is set out in the decision—on the day on which the decision is made; or (b) if a day is set out in the decision—on the day so set out (whether that day is before, on, or after the day on which the decision is made). > Note: If the MRCC waives its rights to recover, this is a permanent bar to recovery of the debt—the debt effectively ceases to exist.