(1) A company shall, notwithstanding its registration as a company with limited liability, be exempt from the provisions of this Act relating to the use of the word 'limited' or 'teoranta' as part of its name and the publishing of its name, but shall enjoy all the privileges and shall (subject to this section) be subject to all the obligations of limited companies, where -
(a) its objects are the promotion of commerce, art, science, education, religion, charity or any other prescribed object, and
(b) its memorandum or Articles of association -
(i) require its profits (if any) or other income to be applied to the promotion of its objects,
(ii) prohibit the payment of dividends to its members, and
(iii) require all the assets which would otherwise be available to its members to be transferred on its winding up to another company whose objects comply with paragraph (a) and which meets the requirements of this paragraph, and