47Regulations

47 Regulations

(1) The Governor‑General may make regulations, not inconsistent with this Act, prescribing all matters which by this Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed for carrying out or giving effect to this Act, and, in particular, for prescribing penalties not exceeding a fine of One hundred dollars or imprisonment for a period not exceeding three months, or both, for offences against the regulations. (2) After the Corporation commences to carry on business, regulations: (aa) declaring classes of documents to be negotiable mortgage securities for the purposes of this Act; (ab) specifying kinds of loss for the purposes of paragraph 17(2)(b); (a) prescribing securities to be approved securities for the purposes of this Act; or (b) declaring interests in land to be prescribed interests for the purposes of this Act, or any regulations amending or repealing any such regulations, shall not be made unless the regulations are in accordance with a recommendation made to the Minister by the Corporation.