Section 9 of the Principal Act is amended as follows:

(a) by omitting subsections (1) and (2) and substituting the following subsections:

(1)  The Minister is to appoint a person to be the Tasmanian Economic Regulator.

(2)  The Regulator –

(a) is a corporation sole; and

(b) has a seal; and

(c) may sue and be sued in his or her corporate name.

(b) by inserting the following subsections after subsection (4) :

(5)  All courts and persons acting judicially are to take judicial notice of –

(a) the official signature of a person who is or has been the Regulator; and

(b) the fact that the person holds or has held the office of Regulator.

(6)  Division 2 of this Part has effect in relation to the Regulator.

(7)  Before performing any function or exercising any power under this Act, or any other Act, the Regulator is to have regard to the costs and benefits of the Regulator's actions.

(8)  Despite subsection (7) , the Regulator –

(a) may perform any function or exercise any power under this Act, or any other Act, regardless of the costs or benefits of the action; and

(b) is not required to give, to any person, reasons for so performing the function or exercising the power.