136Subsections 150(1) and (2)

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.