(1)  If an accredited person proposes to sell or otherwise transfer any railway operations for which the person is accredited, the Rail Safety Regulator may, on an application for accreditation under this Part being made by the proposed transferee, waive compliance by the proposed transferee with any requirement of this Division.

(2)  The Rail Safety Regulator is not to waive compliance with any requirement of this Division unless the proposed transferee demonstrates, to the satisfaction of the Rail Safety Regulator, that the proposed transferee has the competence and capacity to comply with the relevant requirements of this Division that apply to applications for accreditation of the appropriate kind.

(3)  A waiver of compliance with requirements may be given subject to the conditions and restrictions (if any) that appear to the Rail Safety Regulator to be necessary.