- Statutory Instrument 2000 No. 2711
The Partnerships (Unrestricted Size) No. 15 Regulations 2000
© Crown Copyright 2000
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| Made | 2nd October 2000 | ||
| Coming into force | 1st November 2000 |
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. 15 Regulations 2000, and shall come into force on 1st November 2000.
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 the majority of whom are either Fellows of the Institute of Actuaries or of the Faculty of Actuaries, or full actuary members of one or more of the associations listed in the Schedule to these Regulations.
3. The Partnerships (Unrestricted Size) No. 11 Regulations 1996[2] are hereby revoked.
Kim Howells,
Parliamentary Under-Secretary of State for Consumers and Corporate Affairs, Department of Trade and Industry
2nd October 2000
Aktuarvereinigung Österreichs
Association des Actuaires de Bretagne
Association des Actuaires Diplômés de L'ISFA
Association of Greek Actuaries
Association Royale des Actuaires Belges/Koninklijke Vereniging van Belgische Aktuarissen
Association Luxembourgeoise des Actuaires
Col.legi d'Actuaris de Catalunya
Den Danske Aktuarforening
Den Norske Aktuarforening
Deutsche Aktuarvereinigung
Felag Islenskra Tryggingast Aerdfraedinga
Het Actuarieel Genootschap
Instituto de Actuarios Españoles
Institut des Actuaires Francçais
Instituto dos Actuarios Portugueses
Istituto Italiano degli Attuari
Society of Actuaries in Ireland
Suomen Aktuaariyhdistys
Svenska Aktuarieföreningen
Union Strasbourgeoise des Actuaires
(This note is not part of the Regulations)
Section 716 of the Companies Act 1985 prohibits the formation of partnerships consisting 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 the majority of whom are either Fellows of the Institute of Actuaries or of the Faculty of Actuaries, or full actuary members of one or more of the associations listed in the Schedule to the Regulations. They replace, and revoke, earlier Regulations (S.I. 1996/262) which provided for an exemption in relation to partnerships consisting of persons three-quarters or more of whom were Fellows of either the Institute of Actuaries or Faculty of Actuaries.
Notes:
[1] 1985 c. 6; section 716(2)(d) was substituted 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).back
ISBN 0 11 099985 1