(1) A private company limited by guarantee that immediately before the commencement of this Part -
(a) was exempt by virtue of section 30 of the Companies Act 1985 (c. 6) or Article 40 of the Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6)) from the requirement to have a name including the word "limited" or a permitted alternative, and
(b) had a name that did not include the word "limited" or any of the permitted alternatives,
is exempt from section 59 (requirement to have name ending with "limited" or permitted alternative) so long as it continues to meet the following two conditions and does not change its name.
(2) The first condition is that the objects of the company are the promotion of commerce, art, science, education, religion, charity or any profession, and anything incidental or conducive to any of those objects.
(3) The second condition is that the company's articles -
(a) require its income to be applied in promoting its objects,
(b) prohibit the payment o
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