For the purposes of section 220(7) of the Co-operatives National Law (Tasmania) , a corporation is exempt from section 220(4) of the Co-operatives National Law (Tasmania) if the corporation 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.