Australian Charities and Not-for-profits Commission (Consequential and Transitional) Act 2012 (169 of 2012)

Schedule 2   References to charities etc.

Part 5   Corporations Act 2001

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.