The National Assembly of Nigeria passed the 'Financial Institutions Regulation Act 2022', granting powers to the Minister of Finance to make regulations for the smooth implementation of the Act. Exercising these powers, the Minister published the 'Tax and Financial Compliance Regulations 2023'. Regulation 14 of the Regulations imposes a criminal penalty of 10 years imprisonment without option of fine for failure to file annual returns within 30 days, whereas the parent Act (Financial Institutions Regulation Act 2022) only provided for a civil fine of N500,000 for late filing. Furthermore, Regulation 14 states that any person accused of non-compliance shall be deemed guilty until they prove their innocence. Koko Agro-Allied Nigeria Ltd, a registered corporate entity, has been charged under Regulation 14. The Board of Directors seeks your legal opinion as an expert in Business Law. Requirements: (a) Explain the term 'Delegated Legislation' (Subsidiary Legislation) and outline THREE advantages and THREE disadvantages of delegated legislation in the Nigerian legal system. (8 Marks) (b) Explain the doctrine of Ultra Vires (both substantive and procedural) in relation to delegated legislation, and evaluate the validity of Regulation 14 under this doctrine. (6 Marks) (c) Discuss the principle of Constitutional Supremacy enshrined under Section 1(1) & (3) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), and advise Koko Agro-Allied Nigeria Ltd on the constitutionality of Regulation 14 regarding the presumption of innocence under Section 36(5). (6 Marks) [Total: 20 Marks]