Section 501 — Penalty for improper use of word “Limited”

If any person or
persons trade or carry on business under, or otherwise use or display, any name or
title of which the word “Limited” or the words “(Private) Limited” or “(Guarantee)
Limited” or “(SMC-Private) Limited” or any contraction or imitation thereof is or
are the last word or words, that person or each of those persons shall, unless duly
incorporated with limited liability or as a private limited company or with the
liability of members limited by guarantee, as the case may be, be liable to a penalty
of level 3 on the standard scale.