27Regulations

27 Regulations

27 Regulations

(1) The Governor may make regulations, not inconsistent with this Act, containing provisions of a savings or transitional nature consequent on the enactment or operation of this Act.

(2) Any such savings or transitional provision cannot operate so as:

(a) to affect the rights of an approved person, the Bank or a subsidiary of the Bank prejudicially, or

(b) to impose liabilities on an approved person, the Bank or a subsidiary of the Bank.

(3) Any such savings or transitional provision may, if the regulations so provide, take effect from the date of assent to this Act or a later date.

(4) To the extent to which any such savings or transitional provision takes effect from a date that is earlier than the date of its publication in the Gazette, but subject to subsection (2), the provision does not operate so as:

(a) to affect, in a manner prejudicial to any person (other than the State or an authority of the State), the rights of that person existing before the date of its publication, or

(b) to impose liabilities on any person (other than the State or an authority of the State) in respect of anything done or omitted to be done before the date of its publication.

(5) If Part 7 takes effect and the Bank again becomes a State owned corporation:

(a) subsection (2) ceases to apply to the Bank and subsidiaries of the Bank, and

(b) subsection (4) applies to the Bank and subsidiaries of the Bank in the same way as it applies to authorities of the State.