(1) If:
(a) an exemption order is in force in relation to a person; and
(b) the Commission is satisfied that:
(i) the order was made on the basis of information that was false or misleading in a material particular; or
(ii) a condition to which the order is subject has been contravened; or
(iii) there has been a material change of circumstances since the order was made;
the Commission may revoke the order.
(2) The Commission must not revoke an exemption order unless the Commission has first:
(a) published a draft notice of revocation and invited people to make submissions to the Commission on the draft notice; and
(b) considered any submissions that were received within the time limit specified by the Commission when it published the draft notice.
(3) The Commission may make a further exemption order under section 151BA in substitution for the revoked order.
(4) If the Commission revokes an exemption order relating to a person, the Commission must give the person a written notice stating that the order has been revoked and setting out the reasons for the revocation.
(5) A revocation of an exemption order takes effect:
(a) at the time when notice of the revocation is given; or
(b) if a later time is specified in the notice of the revocation--at that later time.