(1) This Part applies to a body corporate that is:
(a) a transferring financial institution of a State or Territory; or
(b) a company that is permitted to use the expression building society , credit society or credit union under section 66 of the Banking Act 1959 .
(2) This Part applies in relation to the following members of the body corporate:
(a) members who hold only member shares;
(b) if the body is a company limited by guarantee--the members of the company;
(c) if the body is a company limited by shares and guarantee--the members of the company who do not hold shares in the company.