(1) This regulation applies, in relation to a share in the body corporate, on:
(a) the initiative of ASIC; or
(b) application made to ASIC in writing by the body corporate or another person.
(2) ASIC may declare in writing that shares are, or are not, member shares of the body corporate.
(3) The declaration takes effect when the declaration, or a copy of the declaration, is given to the body corporate.