Section 480. Supplemental provisions respecting regulations

480. Supplemental provisions respecting regulations .—(1) Any regulation which may be made by 7[ 8[the Corporation]] under this Act, may be made by the 1[Government] within one year of the establishment of[7] [[8] [the Corporation]]; and any regulation so made may be altered or rescinded by[7] [[8] [the Corporation]] in the exercise of its powers under this Act. (2) No regulation made by[7] [[8] [the Corporation]] under this Act shall have effect until it has been approved by the[1] [Government] and published in the Official Gazette.