(1)  Former regulations in force immediately before the commencement day continue, on that day, to be in force until whichever of the following occurs first:

(a) they are rescinded;

(b) a period of 12 months after the commencement day has elapsed.

(2)  A provision of the new Act or of any regulations, orders, declarations or notices made under that Act which is inconsistent with the provision of the former regulations prevails over the latter provision to the extent of that inconsistency.