(1) A disqualified person, or the Regulator, may apply to the Federal Court of Australia for:
(a) if an individual is a disqualified person only because he or she was disqualified under section 126H--a variation or a revocation of the order made under that section; or
(b) otherwise--an order that the person is not a disqualified person.
(2) If the Court revokes an order under paragraph (1)(a) or makes an order under paragraph (1)(b), then, despite section 120, the person is not a disqualified person .
(3) At least 21 days before commencing the proceedings, written notice of the application must be lodged:
(a) if the disqualified person makes the application--by the person with the Regulator; or
(b) if the Regulator makes the application--by the Regulator with the disqualified person.
(4) An order under paragraph (1)(b) may be expressed to be subject to exceptions and conditions determined by the Court.