Part XXV Miscellaneous and Supplementary Provisions

717 Limited partnerships: limit on number of members.

C11

So much of the M1Limited Partnerships Act 1907as provides that a limited partnership shall not consist of more than 20 persons does not apply—

a

to a partnership carrying on practice as solicitors and consisting of persons each of whom is a solicitor,

b

to a partnership carrying on practice as accountants F1which is eligible for appointment as a company auditor under F2 section 5 of the Companies Act 1989,

c

to a partnership carrying on business as members of a recognised stock exchange and consisting of persons each of whom is a member of that exchange.

F3d

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.

F42

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.