Maximum election expenses

(1) The maximum amount that is allowed for election expenses of a registered party for an election is the product of

(a) $0.735 multiplied by the number of names on the preliminary lists of electors for electoral districts in which the registered party has endorsed a candidate or by the number of names on the revised lists of electors for those electoral districts, whichever is greater, and

(b) the inflation adjustment factor published by the Chief Electoral Officer under section 384 that is in effect on the date of the issue of the writ or writs for the election.