It seems the purpose is to raise M565 to true when a timer is initialized.
Ah, so that rung generates a one-scan pulse in M595 at the top of every minute.
[Update: some Mitsubishi documents say SD212 is day-of-month; I assume that is for a different CPU or device, but the range of values will be 1 to 31, so it will never be 0 or a any multiple of 256, so I don't think it is that].
TL;DR
@AlfredoQuintero: ooh, thanks for the background.
From that image, it is not "when a timer initialized," but rather "When the seconds-of-minute is 00 (BCD*)."
So M595 would have a pulse on the first scan, for one scan, after the top of every** minute, i.e. when seconds-of-minute is 00 (BCD).
N.B. the H0FF in the WAND instruction could be H7F, or even H70, and that rung would work the same way, because the left nibble of the low 8 bits (tens digit of BCD of seconds-of-minute) of SD212 will never be greater than 5, and will change from non-zero to 0 once per minute at the top of every minute.
* See
this link.
** assumes scans are always shorter than one second.