(1) For the purposes of this Part, an eligible body is:
(a) a body corporate, registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 , the objects of which enable the body to perform the functions of a representative body under Division 3 of this Part; or
(b) a body corporate that is a representative body; or
(ba) a company incorporated under the Corporations Act 2001 ; or
(c) a body corporate established by or under a law of the Commonwealth, a State or a Territory, or a part of such a law, prescribed for the purposes of this paragraph.
However, a registered native title body corporate cannot be an eligible body.
(2) A regulation prescribing a law, or a part of a law, for the purposes of paragraph (1)(c) may be limited in its application to bodies corporate included in a specified class or classes of bodies corporate.