(1) The Governor may make regulations, not inconsistent with this Act, for or with respect to any matter that by this Act is required or permitted to be prescribed or that is necessary or convenient to be prescribed for carrying out or giving effect to this Act.
(1A) The regulations may prescribe the form in which an application under this Act is to be made.
(2) The regulations may exempt, subject to compliance with any conditions specified in the regulations, from any or all provisions of this Act, as may be so specified, persons belonging to any class of persons so specified.
(3) Despite the provisions of section 39 of the Interpretation Act 1987 , any regulation made for the purposes of subsection (2) takes effect on and from the date of expiry of the period during which either House of Parliament may, under section 41 of the Interpretation Act 1987 disallow the regulation, whichever date is the later, or on and from a later date specified in the regulation.
(4) Except as provided by subsection (3), section 39 of the Interpretation Act 1987 applies to any regulation.
(5) A regulation may create an offence punishable by a penalty not exceeding 40 penalty units in the case of a corporation or 20 penalty units in any other case.