(1) This section applies in relation to an application for review by the tribunal of a decision under any of the following Acts:
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(2) The tribunal must decide the application within 120 days after the day the application is made.
(3) However, the president may, in writing, extend the period for deciding the application if satisfied that the extension is in the interests of justice.
(4) A failure to comply with this section in relation to an application does not affect the validity of a decision on the application.