CAO 95.55 provides an exemption from the CAR 157; it does not exempt RAAus pilots from the controls imposed by the Operations Manual.
The Ops Manual at section 2.01-3 deals with
"LOW LEVEL FLIGHT
10. No person shall operate an RAAus registered aircraft below 500' AGL a
UNLESS
a. the aircraft is operated to the requirements set out in CAO 95.55, 95.32, or section 6.2 or relevant legislation as amended from time to time
AND
b. holding RAAus Low Level endorsement
OR
c. Provides written proof to Operations Manager of recognised equivalent qualification
Note: b and c does ( sic) not apply to aircraft in process of taking off and landing in normal circumstances"
The "AND" between a and b is very important.
Kaz