(1) The Executive may make regulations for the purposes of this Act, and, in particular, may make regulations—
(a) applying, adopting or incorporating, with or without modification, any matter contained in an instrument as in effect at a particular time or as in effect for the time being;
(b) prescribing penalties for offences against the regulations—
(i) if the offender is a natural person—not exceeding 10 penalty units; or
(ii) if the offender is a body corporate—not exceeding 50 penalty units; and
(c) providing for—
(i) the transfer of licences;
(ii) the manner of assessment of the quantity of water that may be taken by a person under the Act;
(iii) the keeping of records and the provision of information to the Authority; and
(iv) the regulation or prohibition of the taking of water.