2(1)A company is exempt from the requirements of the [1985 c. 6.] Companies Act 1985 relating to the use of " limited " as part of the company name if—
(a)it is a designated agency ; and
(b)its memorandum or articles comply with the requirements specified in paragraph (b) of subsection (3) of section 30 of that Act.
(2)In subsection (4) of that section (statutory declaration of compliance with requirements entitling company to exemption) the reference to the requirements of subsection (3) of that section shall include a reference to the requirements of sub-paragraph (1) above.
(3)In section 31 of that Act (provisions applicable to exempted companies) the reference to a company which is exempt under section 30 of that Act shall include a reference to a company that is exempt under this paragraph and, in relation to such a company, the power conferred by subsection (2) of that section (direction to include " limited " in company name) shall be exercisable on the ground that the company has ceased to be a designated agency instead of the ground mentioned in paragraph (a) of that subsection.
(4)In this paragraph references to the said Act of 198S and sections 30 and 31 of that Act include references to the corresponding provisions in force in Northern Ireland.