Commonwealth Consolidated Regulations

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Application of Part

             (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.

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