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Statutory Instrument 2000 No. 2711The Partnerships (Unrestricted Size) No. 15 Regulations 2000(The document as of February, 2008) STATUTORY INSTRUMENTS2000 No. 2711PARTNERSHIPThe Partnerships (Unrestricted Size) No. 15 Regulations 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 [2] S.I. 1996/262.back ISBN 0 11 099985 1 -- Back --
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