The Registrar may make a transfer of registration declaration in relation to the Aboriginal and Torres Strait Islander corporation under this section if the Registrar is satisfied that:
(a) the application complies with section 540-5; and
(b) the corporation's creditors are not likely to be materially prejudiced by the transfer of the corporation's registration; and
(c) the law of the Commonwealth, the State or the Territory concerned adequately provides for:
(i) the continuation of the corporation's legal personality after the transfer; and
(ii) the preservation of any rights or claims against the corporation (other than the right of a member as a member) that accrued while the corporation was registered under this Act.