Document ID: chunk:federal_register_of_legislation:C2012A00169:clause:2_136
Version: federal_register_of_legislation:C2012A00169
Segment Type: clause
Provision Reference: sch 2 cl 136
Character Range: 95896–96876

136  Subsections 150(1) and (2)
Repeal the subsections, substitute:

Name
 (1) 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.
 (2) 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.