Corporations Act 2001
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)
The company must notify ASIC as soon as practicable if it: (a) breaches a condition of the licence; or (b) pursues objects or purposes that would have prevented it being granted the licence; or (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) .
[ CCH Note 1: S 151(2) will be amended by No 69 of 2020, s 3, Sch 1[455], by substituting " the Registrar " for " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note 2: S 151(2AAA) will be inserted by No 69 of 2020, s 3, Sch 1[456] (effective 1 July 2026 or a day or days to be fixed by Proclamation). S 151(2AAA) will read:
151(2AAA)
The notification must meet any requirements of the data standards.]
151(2AA)
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.
[ CCH Note: S 151(2AA) will be amended by No 69 of 2020, s 3, Sch 1[457], by substituting " to give the Registrar, as soon as practicable, a notification of the modification that meets any requirements of the data standards " for " to notify ASIC as soon as practicable of the modification " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
View history note
Hide history note151(2A)
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)
ASIC may revoke the company ' s licence if: (a) the company does anything set out in paragraphs (2)(a) to (e) ; or (b) the company fails to notify ASIC in accordance with subsection (2AA) .
[ CCH Note: S 151(3) will be amended by No 69 of 2020, s 3, Sch 1[458] and [ 459], by substituting " The Registrar " for " ASIC " and " the Registrar " for " ASIC " in para (b) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
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