(1) The regulations may:
(a) prescribe an industry code, or specified provisions of an industry code, for the purposes of this Part; and
(b) declare the industry code to be a mandatory industry code or a voluntary industry code; and
(c) for a voluntary industry code, specify the method by which a corporation agrees to be bound by the code and the method by which it ceases to be so bound (by reference to provisions of the code or otherwise).
(2) If regulations prescribe an industry code, the industry code may prescribe pecuniary penalties not exceeding 300 penalty units for civil penalty provisions of the industry code.