(B) the trustees holding property for the association; or
(ii) provides the association may sue or be sued, or hold property, in the
name of the association or an officer of the association; or
(iii) specially
regulates its affairs; or
(e) has as its main purpose the holding of
property—
(i) in which its members have a disposable interest; or
(ii) that
the members have a right to divide between all or some of them; or
(iii) for
use by some or all of its members or among persons claiming through, or
nominated by, some or all of its members; or
Example for subparagraph (iii)—
an association that, as its main purpose, receives and holds gifts within the
meaning of the Local Government Electoral Act 2011, section 107 for use by a
member or person nominated by a member for a purpose relating to an election
under that Act
(iv) for distribution of the property, or income from the
property, among some or all of its members or among persons claiming through,
or nominated by, some or all of its members; or
(f) has an object of raising
a fund by subscription of its members to make loans to them.
(2) However,
subsection (1) (e) (iv) does not make an association ineligible for
incorporation if the chief executive is satisfied the association has as its
main purpose the holding of property for meeting the medical, hospital,
nursing and rehabilitation costs (the
"medical costs" ), and similar and related costs, of an individual who is
suffering from a serious medical condition or injury.