(1) This section applies to a private company limited by shares -
(a) that on 25th February 1982 -
(i) was registered in Great Britain, and
(ii) had a name that, by virtue of a licence under section 19 of the Companies Act 1948 (c. 38) (or corresponding earlier legislation), did not include the word "limited" or any of the permitted alternatives, or
(b) that on 30th June 1983 -
(i) was registered in Northern Ireland, and
(ii) had a name that, by virtue of a licence under section 19 of the Companies Act (Northern Ireland) 1960 (c. 22 (N.I.)) (or corresponding earlier legislation), did not include the word "limited" or any of the permitted alternatives.
(2) A company to which this section applies is exempt from section 59 (requirement to have name ending with "limited" or permitted alternative) so long as -
(a) it continues to meet the following two conditions, and
(b) it does not change its name.
(3) The first condition is that the objects of the company are the promotion of commerce, a
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