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

151(1)  [Licence in force]  


A licence that:


(a) allowed a company to omit ``Limited'' from its name; and


(b) was in force immediately before 1 July 1998; and


(c) was in force immediately before the commencement of this section;

continues in force subject to subsection (3).

151(2)  [Obligation to notify ASIC]  


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


(a) breaches a condition of the licence; or
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(b) pursues objects or purposes that would have prevented it being granted the licence; or
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(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(2AA)  [Notification to ASIC of modification to constitution]  

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If:


(a) a company holds a licence that is in force under this section; and


(b) either the licence or the company's constitution requires a modification to the constitution to have previously been submitted to, and approved by:


(i) the Minister; or

(ii) another Minister of the Commonwealth, a State or a Territory; or

(iii) an officer, instrumentality or agency of the Commonwealth, a State or a Territory;

then the licence or constitution (as the case requires) is taken instead to require the company to notify ASIC as soon as practicable of the modification.

151(2A)  [Strict liability offence]  

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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.

151(3)  [Revocation]  

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ASIC may revoke the company's licence if:


(a) the company does anything set out in paragraphs (2)(a) to (e); or
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(b) the company fails to notify ASIC in accordance with subsection (2AA).


 



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