126F Surrender of current or expired scheme authority if new
(1) If an applicant for a scheme authority holds a current scheme
authority or possesses an expired scheme authority, the applicant must
surrender that authority to the Authority before the issue of a new scheme
(2) Despite subclause (1), the Authority may exempt a person from
surrendering a current or expired scheme authority if the Authority is
satisfied that it would be unreasonable, in the circumstances, to require that
authority to be surrendered.