(1) If an accredited
person proposes to sell or otherwise transfer any railway operations for which
the person is accredited, the Rail Safety Regulator may, on an application for
accreditation under this Part being made by the proposed transferee, waive
compliance by the proposed transferee with any one or more of the requirements
of this Division.
(2) The Rail Safety
Regulator is not to waive compliance with any such requirements unless the
proposed transferee demonstrates, to the satisfaction of the Rail Safety
Regulator, that the proposed transferee has the competence and capacity to
comply with the relevant requirements of this Division that apply to
applicants for accreditation of the appropriate kind.
(3) A waiver of
compliance with requirements may be given subject to such conditions and
restrictions, if any, as appear to the Rail Safety Regulator to be necessary.