(1) If a person is taken to be granted a registration because of section 341, the Regulator may during the period of 12 months beginning on the commencement of Part 3 do any of the following to ensure that the registration is consistent with the provisions of this Act—
(a) impose a condition on the registration;
(b) vary or revoke a condition of the registration.
(2) Before exercising a power under subsection (1), the Regulator must give the person at least 10 days written notice of the proposed imposition, variation or revocation of the condition.