Power to dispense with the word limited, Business Law and Ethics

Power to dispense with the word "Limited":

                            Although s.5 provides that the last word of the name of a limited company must be "limited" this would not be so if the Minister (probably the Attorney-General) empowers the company to dispense with it. The Minister would do so "by licence" if he is satisfied that an association about to be formed as a limited company is to be formed for promoting commerce, art, science, religion, charity, or any other useful object, and it is intended that its profits, if any, or other income would be used in promoting its objects and the payment of any dividends to the association's members is prohibited.

An existing registered company may obtain a licence to make, by special resolution, a change in its name so as to omit the word "Limited" from the end thereof. This can be done only after proving, inter alia, that the company is formed to promote charity and is prohibited from paying dividends to its members.

A licence may be granted on such conditions as the Minister thinks fit and may, upon the recommendation of the registrar, be revoked by him subject to the company's right to be heard in opposition to the revocation. A company granted exemption under s.21 of the Act is also exempt from the requirements of s.109(1) which relate to the publication of the company's name.

Posted Date: 1/12/2013 2:23:06 AM | Location : United States







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