(1) For the purpose of meeting expenses properly incurred by the Commission in the discharge of its functions under this Act, the Commission shall make regulations imposing a levy ("levy"), to meet but not to exceed the estimated operating costs and expenses of the Commission, to be paid each year beginning with such year as specified in the regulations on such classes of undertakings as may be specified by the Commission in the regulations.

(2) Levy shall be payable to the Commission at such time and at such rates as may be prescribed in regulations by the Commission and different rates may be prescribed in respect of different classes of undertaking liable to pay levy.

(3) The Commission may make regulations to provide for the following -

(a) the keeping of records and the making of returns by persons liable to pay levy,

(b) the collection and recovery of levy, and

(c) such other matters as are necessary or incidental to the procurement of the payment of levy.

(4) An increase in levy may only take effect in the year after the year in which the increase is made in regulations.