Subsections 150(1) and (2)
136 Subsections 150(1) and (2)
Repeal the subsections, substitute:
Name
A company is not required to have the word "Limited" at the end of its name if:
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
the company's constitution:
prohibits the company paying fees to its directors; and
requires the directors to approve all other payments the company makes to directors.
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:
the company ceases to be registered as mentioned in paragraph (1)(a); or
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.
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