(1)Where it is proved to the satisfaction of the Central Government that an association-(a)is about to be formed as a limited company for promoting commerce, art, science, religion, charity or any other useful object, and(b)intends to apply its profits, if any, or other income in promoting its objects, and to prohibit the payment of any dividend to its members, the Central Government may, by license, direct that the association may be registered as a company with limited liability, without the addition to its name of the word "Limited" or the words "Private Limited".
