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15(1)Section 716 of the Companies Act M11985 (prohibition of formation of company, association or partnership with more than 20 members unless registered as company, &c.) is amended as follows.U.K.
(2)In subsection (2) (exemptions), after paragraph (c) insert—
“(d)for any purpose prescribed by regulations (which may include a purpose mentioned above), of a partnership of a description so prescribed.”; and omit the words inserted by paragraph 22 of Schedule 16 to the Financial Services Act M21986.
(3)For subsections (3) and (4) substitute—
“(3)In subsection (2)(a) “solicitor”—
(a)in relation to England and Wales, means solicitor of the Supreme Court, and
(b)in relation to Scotland, means a person enrolled or deemed enrolled as a solicitor in pursuance of the Solicitors (Scotland) Act 1980.
(4)In subsection (2)(c) “recognised stock exchange” means—
(a)The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited, and
(b)any other stock exchange for the time being recognised for the purposes of this section by the Secretary of State by order made by statutory instrument.”.
16(1)Section 717 of the Companies Act 1985 (limited partnerships: limit on number of members) is amended as follows.U.K.
(2)In subsection (1) (exemptions from limit of 20 members under section 4(2) of Limited Partnerships Act 1907), after paragraph (c) insert—
“(d)to a partnership carrying on business of any description prescribed by regulations (which may include a business of any description mentioned above), of a partnership of a description so prescribed.”; and omit the words inserted by paragraph 22 of Schedule 16 to the Financial Services Act 1986.
(3)For subsections (2) and (3) substitute—
“(2)In subsection (1)(a) “solicitor”—
(a)in relation to England and Wales, means solicitor of the Supreme Court, and
(b)in relation to Scotland, means a person enrolled or deemed enrolled as a solicitor in pursuance of the Solicitors (Scotland) Act 1980.
(3)In subsection (1)(c) “recognised stock exchange” means—
(a)The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited, and
(b)any other stock exchange for the time being recognised for the purposes of this section by the Secretary of State by order made by Statutory Instrument.”.