7Regulations

7 Regulations

(1) The Governor‑General may make regulations for the purposes of section 5. (2) Before advising the Governor‑General about the making of a regulation under subsection (1), the Minister must consult the Authority with respect to the following matters: (a) the need to ensure that the Fund has adequate financial reserves for the purposes of its prudential management; (b) reasonable estimates of the Fund’s present and future liabilities under the Seafarers Rehabilitation and Compensation Act 1992; (c) the cost of administering the Authority in connection with the performance or exercise of the Fund’s functions, powers and obligations under that Act. (3) A failure to consult as required by subsection (2) does not affect the validity of a regulation made under subsection (1).