Section 40: Regulations

(1) The Minister may, in consultation with the Bank of Uganda, make regulations prescribing anything which may be prescribed under this Act and generally for the better carrying into effect of the purposes and provisions of this Act. (2) Without prejudice to the general effect of subsection (1), Regulations made under this section may prescribe- (a) the forms and notices to be used under this Act; (b) the manner and form of the conduct of the business of mortgages; (c) the persons on whom notices must be served; (d) the conduct of auctions in connection with the sale of mortgaged land; or (e) penalties in respect of the contravention of the regulations not exceeding a fine of seventy- two currency points or imprisonment for a term not exceeding three years, or both.