(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 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 that is exempted by the Registrar by written notice from the operation of section 225(1) and that complies with any conditions to which that exemption is made subject.
(2) An exemption granted under subregulation (1)(e) may be limited as to time.
(3) The Registrar may vary the conditions of an exemption granted under subregulation (1)(e), or revoke the exemption by written notice to the person.