(1) In this
regulation —
prescribed body corporate has the meaning given in
section 92 of the Act.
(2) If an incorporated
association applies to the Commissioner for approval under section 93(2) of
the Act, the following information is required to be included in the
application —
(a) a
statement of the reasons why the association proposes (the association’s
proposal ) to apply for registration or incorporation as a prescribed body
corporate;
(b) a
statement as to whether the prescribed body corporate would be subject to
rules preventing the distribution of profits to the body corporate’s
members;
(c) a
declaration that any creditors of the association would not be materially
prejudiced by the association’s proposal;
(d) if
the association receives funds from other entities, evidence that the
association has advised those entities of the association’s proposal.