(1) If there is no sufficient provision in this Part for dealing with a transitional matter, regulations may prescribe all matters that are required, necessary or convenient to be prescribed in relation to that matter.
(2) If regulations made under subsection (1) provide that a state of affairs specified or described in the Regulations is to be taken to have existed, or not to have existed, at and from a day that is earlier than the day on which the Regulations are published in the Gazette but not earlier than the commencement of this Act, the Regulations have effect according to their terms.
(3) Regulations that contain a provision referred to in subsection (2) cannot be made more than 12 months after the day on which section 52 comes into operation.
(4) If regulations contain a provision referred to in subsection (3), the provision does not operate so as to:
(a) affect in a manner prejudicial to any person (other than the Territory or an authority of the Territory), the rights of that person existing before the day of publication of those regulations; or
(b) impose liabilities on any person (other than the Territory or an authority of the Territory) in respect of anything done or omitted to be done before the day of publication of those regulations.
(5) In subsection (1):
"transitional matter" includes a savings or application matter.