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(1) The Minister may, on the advice of the Council, by legislative instrument, make Regulations to

(a) prescribe practice standards for members of the Institute;

(b) provide for the discipline of members;

(c) prescribe the fees to be paid under this Act; and

(d) provide for any other matter necessary for the effective implementation of the provisions of this Act.

(2) A person who commits an offence under the Regulations is liable on summary conviction to a fine of not more than five thousand penalty units or to a term of imprisonment of not more than one year or to both.