(1) A mutual affiliate company is a company that satisfies the following conditions:
(a) it is limited by guarantee;
(b) it is not an insurance company;
(c) at least 75% of the policyholders of a mutual insurance company are members of it;
(d) it did not divide its profits among its members during the 10 years ending on 9 May 1995;
(e) on a winding-up, its profits are not divisible among its members in their capacity as such.
(2) If the company is a mutual entity (within the meaning of the Corporations Act 2001 ) then, for the purposes of subsection (1), disregard the following:
(a) any MCIs (within the meaning of that Act) issued by the company;
(b) any dividends or profits paid or payable in respect of such MCIs;
(c) any members of the company who are members by virtue of holding such MCIs.