(1) Subject to subsection (2), an application lapses if—
(a) it is not accepted; or
(b) no further action is taken on the application by the applicant;
(c) the applicant fails to submit information requested by the Registrar,
within the prescribed period or within the period as extended by the Registrar in accordance with section 195.
(2) If, after the prescribed period or the prescribed period as extended has expired, the Registrar extends under section 195 the period within which an application may be accepted, the application—
(a) is taken not to have lapsed when the prescribed period expired; and
(b) lapses if it is not accepted within the extended period.