Power to dispense with “Limited” in name of charitable and other companies

(1) Where it is proved to the satisfaction of the Minister that an association to be formed as a limited company is to be formed for promoting commerce, art, science, religion, charity or any other useful object, and intends to apply its profits (if any) or other income in promoting its objects, and to prohibit the payment of any dividend to its members, the Minister may by licence direct that the association be registered as a company with limited liability, without the addition of the word “Limited” to its name, and the association may be registered accordingly. (2) A licence by the Minister under this section may be granted on such conditions and subject to such regulations as he may think fit, and those conditions and regulations shall be binding on the association, and shall, if the Minister so directs, 27 be inserted in the memorandum and articles, or in one of those (3) The association shall on registration enjoy all the privileges of limited companies, and be subject to all their obligations except those of using the word “Limited” as any part of its name, and of publishing its name, and of sending lists of members and directors and managers to the Registrar. (4) A licence under this section may at any time be revoked by the Minister, and upon revocation the Registrar shall enter the word “Limited” at the end of the name of the association upon the register, and the association shall cease to enjoy the exemptions and privileges granted by this section, Provided that before a licence is so revoked, the Minister shall give to the association notice in writing of his intention, and shall afford the association an opportunity of being heard in opposition to the revocation.