(1) ASIC may register a company limited by guarantee without "Limited" in its name, or alter the registration of a company of that type by omitting "Limited" from its name, if its constitution:

(a)

requires the company to pursue charitable purposes only and to apply its income in promoting those purposes; and

(b)

prohibits the company making distributions to its members and paying fees to its directors; and

(c)

requires the directors to approve all other payments the company makes to directors.

(2) The company must notify ASIC as soon as practicable if any of those requirements or prohibitions in its constitution are not complied with or if its constitution is modified to remove any of those requirements or prohibitions.