(1) The Governor may
make regulations prescribing all matters that a duties Act requires or permits
to be prescribed or are necessary or convenient to be prescribed to give
effect to a duties Act.
(2) Without limiting
subsection (1), regulations may be made in relation to the records to be kept
for the purposes of a duties Act.
(3) Regulations may
create offences and provide, in respect of an offence so created, for the
imposition of a fine not exceeding $5 000.
(4) Regulations may be
expressed to apply to an instrument that was executed before the day on which
the regulations come into operation, or to a transaction that took place
before that day, if the application of the regulations to the instrument or
transaction would not adversely affect a person that is or may become liable
to pay duty on the instrument or in relation to the transaction, or adversely
affect a party to the transaction.