5Exemptions from prohibition on registering or trading under name including co-operative or similar words

5 Exemptions from prohibition on registering or trading under name including co-operative or similar words

(1)  For the purposes of sections 220(7) and 225(2) of the Co-operatives National Law (Tasmania), an entity is exempt if it is –

(a) permitted to assume or use the expression building society, credit union or credit society under section 66 of the Banking Act 1959 of the Commonwealth; or

(b) a friendly society within the meaning of the Life Insurance Act 1995 of the Commonwealth.

(2)  The Registrar may, by written notice given to an entity, grant the entity an exemption from section 220(4) or 225(1) of the Co-operatives National Law (Tasmania).

(3)  The notice –

(a) must specify whether the exemption is provided under section 220(7) or 225(2) of the Co-operatives National Law (Tasmania), or both provisions; and

(b) may specify conditions to which the exemption is subject.

(4)  The Registrar may, by further written notice given to the entity –

(a) vary the conditions of the exemption; or

(b) revoke the exemption.

(5)  For the purposes of this regulation, notice is given to an entity if it is given to a member of the controlling body of the entity.