42Application of Division

#### 42 Application of Division 42 Application of Division > > (1) This Division applies to any association— > > > > > (a) whose gross receipts (as calculated in accordance with the regulations) for the financial year last ended, or > > > > > (b) whose current assets (as calculated in accordance with the regulations), > > > > exceed such amount as may be prescribed by the regulations (a Tier 1 association). > > > (2) Despite subsection (1), this Division does not apply to any association that the Secretary declares not to be a Tier 1 association. > > > (3) Such a declaration may be made in respect of an association whose gross receipts for the financial year last ended were negligible, but whose current assets are such that it would (but for the declaration) be a Tier 1 association, and not otherwise.