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Statutory Instruments
1992 No. 1027
PARTNERSHIP
The Limited Partnerships (Unrestricted Size) No. 3 Regulations 1992
Made
24th April 1992
Coming into force
30th April 1992
The Secretary of State, in exercise of the power conferred on him by sections 717(1)(d) and 744 of the Companies Act 1985(1), hereby makes the following Regulations:
1. These Regulations may be cited as the Limited Partnerships (Unrestricted Size) No. 3 Regulations 1992, and shall come into force on 30th April 1992.
2. So much of the Limited Partnerships Act 1907(2) as provides that a limited partnership shall not consist of more than twenty persons does not apply to a partnership which is, and is carrying on business as, a member firm of The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited. N. Hamilton Parliamentary Under-Secretary of State,
N. Hamilton
Parliamentary Under-Secretary of State,
Department of Trade and Industry
24th April 1992
Explanatory Note
(This note is not part of the Regulations)
The Limited Partnerships Act 1907 provides that a limited partnership shall not consist of more than 20 persons. These Regulations exempt from that prohibition partnerships which are, and are carrying on business as, member firms of The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited.
1985 c. 6; section 717(1)(d) was inserted by the Companies Act 1989 (c. 40), section 145 and Schedule 19, paragraph 16(2); section 744 contains a definition of "prescribed" relevant to the exercise of the power conferred by section 717(1)(d).