THE CORPORATIONS LAW

CHAPTER 2B - BASIC FEATURES OF A COMPANY

PART 2B.6 - NAMES

Division 1 - Selecting and using a name

SECTION 151   EXCEPTION TO REQUIREMENT FOR USING ``LIMITED'' IN NAME - PRE-EXISTING LICENCES  

151(1)  [Licence in force]  

A licence in force immediately before the commencement of this section that allowed a company to omit ``Limited'' from its name continues in force subject to subsection (3).

151(2)  [Notify ASIC]  

The company must notify ASIC as soon as practicable if it:

(a)  breaches a condition of the licence; or

(b)  pursues objects or purposes that would have prevented it being granted the licence; or

(c)  applies its profits or other income to promote objects or purposes that would have prevented it being granted the licence; or

(d)  pays a dividend to its members; or

(e)  modifies its constitution to allow it to do anything set out in paragraphs (a) to (d).

151(3)  [Revocation]  

ASIC may revoke the company's licence if the company does anything set out in paragraphs (2)(a) to (e).