Victorian Numbered Regulations Victorian Numbered Regulations(1) For the purposes of section 225(2) of the Co‑operatives National Law (Victoria), a person is exempt from section 225(1) of the Co‑operatives National Law (Victoria) if the person is—
(a) a company that is permitted to use the expression "building society", "credit union" or "credit society" under section 66 of the Banking Act 1959 of the Commonwealth; or
(b) a company that is a friendly society for the purposes of the Life Insurance Act 1995 of the Commonwealth; or
(c) a company or society that was formed or incorporated under any other Act before the commencement of the Co‑operation Act 1953 ; or
(d) a corporation that is allowed under an Act to use the word "co‑operative" or the abbreviation "co‑op" in its name; or
(e) a person who is exempted under subregulation (2) from the operation of section 225(1) of the Co-operatives National Law (Victoria) and who complies with any conditions of that exemption.
(2) On application, the Registrar, by written notice, may exempt a person from the operation of section 225(1) of the Co‑operatives National Law (Victoria).
(3) An application for an exemption under subregulation (2) must be accompanied by an application fee of 19·5 fee units.
(4) An exemption granted under subregulation (2) may be—
(a) for a specified period; and
(b) subject to any specified conditions.
(5) The Registrar, by written notice, may vary the conditions of an exemption granted under subregulation (2) or revoke the exemption.