(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 2 or 3, 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 2 or 3 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 this section:
(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) is to be granted for a specified period not exceeding 5 years.