(1) 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).
(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).
(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.
(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 .
(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).