s 86 Orders and regulations
86.—(1) The Minister may make orders and regulations generally to give effect to the provisions of this Act and to prescribe anything which may be prescribed under this Act and such orders or regulations may provide that a contravention thereof shall be punishable with a fine not exceeding $10,000 or with imprisonment for a term not exceeding 2 years or with both. (1A) Without affecting subsection (1), the Minister may make regulations to prescribe the mode of payment for any refund under this Act in relation to any person or class of persons.[42/2020] (2) All orders and regulations made under this Act must be presented to Parliament as soon as possible after publication in the Gazette. (3) Any direction which may be made or issued by the Comptroller under this Act may be made by written notice issued by the Comptroller. (4) The notice referred to in subsection (3) may be withdrawn or varied by a subsequent written notice issued by the Comptroller. (5) For a period of 2 years starting on 15 January 2020, the Minister may make regulations to prescribe further modifications to the provisions of this Act in their application to VCCs, umbrella VCCs and sub-funds.[28/2019]