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CORPORATIONS ACT 2001

CHAPTER 2B - BASIC FEATURES OF A COMPANY  

PART 2B.6 - NAMES  

Division 1 - Selecting and using a name  

SECTION 150  EXCEPTION TO REQUIREMENT FOR USING "LIMITED" IN NAME  

Name

150(1)  

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A company is not required to have the word "Limited" at the end of its name if:


(a) the company is registered under the Australian Charities and Not-for-profits Commission Act 2012 as the type of entity mentioned in column 1 of item 1 of the table in subsection 25-5(5) of that Act (charity); and


(b) the company's constitution:


(i) prohibits the company paying fees to its directors; and

(ii) requires the directors to approve all other payments the company makes to directors.

150(2)  

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A company that, in accordance with subsection (1), does not have "Limited" at the end of its name must notify ASIC as soon as practicable if:


(a) the company ceases to be registered as mentioned in paragraph (1)(a); or


(b) any of the prohibitions or requirements mentioned in paragraph (1)(b) are not complied with or the company's constitution is modified to remove any of those prohibitions or requirements.

150(3)  

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An offence based on subsection (2) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.

150(4)  

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Paragraph 157(1)(a) (company must pass special resolution to change name) does not apply to a change of the name of a company to omit the word "Limited" in accordance with this section.

Name may be stated without "Limited"

150(5)  

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If a company:


(a) has the word "Limited" at the end of its name; but


(b) under subsection (1), is not required to do so;

the word "Limited" may be omitted anywhere that the name of the company is required to be used (including on the company's common seal).


 



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