(a) has at least 5 members;
(b) is formed or carried on for a lawful object; and
(c) is not ineligible for incorporation within the meaning of subsection (2).
(2) An association is ineligible for incorporation within the meaning of this subsection if it—
(a) is formed or carried on with the object of trading or obtaining pecuniary gain for its members;
(b) is trading or obtaining pecuniary gain for its members;
(c) has capital divided into shares or stock held by its members;
(d) holds property in which its members have an alienable interest, whether directly or in the form of shares or stock in its capital or otherwise; or
(e) is capable of applying for registration as an organisation under section 188 of the Industrial Relations Act 1988 of the Commonwealth.