ASIC’s power to direct company to change its name
158 ASIC’s power to direct company to change its name
ASIC may direct a company in writing to change its name within 2 months if:
the name should not have been registered; or
the company has breached a condition under subsection 147(3) on the availability of the name; or
a consent given under subsection 147(4) to use or assume the name has been withdrawn; or
the company has breached a condition on a consent given under subsection 147(4); or
the company ceases to be permitted to use or assume the name (as referred to in paragraph 147(4)(b)).
The company must comply with the direction within 2 months after being given it by doing everything necessary to change its name under section 157.
An offence based on subsection (2) is an offence of strict liability.
For strict liability, see section 6.1 of the Criminal Code.
If the company does not comply with subsection (2), ASIC may change the company’s name to its ACN and any other words that section 148 requires, by altering the details of the company’s registration to reflect the change.
A change of name under subsection (3) takes effect when ASIC alters the details of the company’s registration.
This Act’s bill:Explanatory memorandumSecond reading speech
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