“10 Minimum amount for authorised purposes

• “(1) For the purposes of section 114(1)(a) of the Act, the minimum amount for a corporate society that is a licence holder, for any of its financial years that start after 3 September 2014, is an amount equivalent to,—

  • “(a) for its first and second such financial years, 40% of the specified amount:

  • “(b) for its third and fourth such financial years, 41% of the specified amount:

  • “(c) for its fifth and later such financial years, 42% of the specified amount.

  “(2) Specified amount, in subclause (1), means the licence holder’s gross proceeds (as defined in regulation 3(1)) for the financial year, excluding goods and services tax.

  “(3) This regulation is subject to regulation 11.

  “(4) This regulation does not limit or affect regulation 10 as in force on and after 1 December 2004 and until 3 September 2014 (and which, by way of explanation, prescribes a minimum amount equivalent to 37.12% of the specified amount for the licence holder’s financial years that started during that period).”

• “(2A) The declarations in an application form referred to in subclause (2) need not be verified by way of a statutory declaration in accordance with sections 8, 9, and 11 of the Oaths and Declarations Act 1957 and are sufficient if followed by,—

  • “(a) if the applicant is not a natural person, the usual signatures of 2 representatives of the applicant; or

  • “(b) if the applicant is a natural person, the usual signature of the applicant.”