BAILII is celebrating 24 years of free online access to the law! Would you consider making a contribution?
No donation is too small. If every visitor before 31 December gives just £1, it will have a significant impact on BAILII's ability to continue providing free access to the law.
Thank you very much for your support!
 |
[Home] [Databases] [World Law] [Multidatabase Search] [Help] [Feedback] | |
United Kingdom Statutory Instruments |
||
|
You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Partnerships (Unrestricted Size) No. 11 Regulations 1996 No. 262 URL: http://www.bailii.org/uk/legis/num_reg/1996/uksi_1996262_en.html |
||
[New search] [Help]
Statutory Instruments
PARTNERSHIP
Made
8th February 1996
Coming into force
15th March 1996
The Secretary of State, in exercise of the power conferred on him by sections 716(2)(d) and 744 of the Companies Act 1985(1), hereby makes the following Regulations:
1. These Regulations may be cited as the Partnerships (Unrestricted Size) No. 11 Regulations 1996 and shall come into force on 15th March 1996.
2. Section 716(1) of the Companies Act 1985 does not prohibit the formation for the purpose of carrying on practice as actuaries of a partnership consisting of persons not less than three-quarters of the total number of whom are either Fellows of the Institute of Actuaries or Fellows of the Faculty of Actuaries.
3. The Partnerships (Unrestricted Size) No. 2 Regulations 1970(2) are hereby revoked.
Phillip Oppenheim
Parliamentary Under Secretary of State for Company Affairs,
Department of Trade and Industry
8th February 1996
(This note is not part of the Regulations)
Section 716 of the Companies Act 1985 prohibits the formation of partnerships of more than 20 persons. These Regulations exempt from that prohibition partnerships formed for the purpose of carrying on practice as actuaries and consisting of persons at least three-quarters of whom are Fellows of the Institute of Actuaries or Fellows of the Faculty of Actuaries. They replace, and revoke, earlier Regulations (S.I. 1970/835) which provided for an exemption in relation to partnerships consisting of persons all of whom were Fellows of either the Institute of Actuaries or Faculty of Actuaries.
1985 c. 6; section 716(2)(d) was inserted by the Companies Act 1989 (c. 40), section 145 and Schedule 19, paragraph 15(2); section 744 contains a definition of "prescribed" relevant to the exercise of the power conferred by section 716(2)(d).
S.I. 1970/835.
