Companies Act 1985

717 Limited partnerships: limit on number of members. E+W+S

(1) So much of the M1 Limited 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 [F1 which 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.

[F3 (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.]

[F4 (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.]

Textual Amendments

F1 Words in s. 717(1)(b) substituted by S.I. 1991/1997, reg. 2, Sch. para. 53(4).

F2 Words in s. 717(1)(b) substituted (23.5.1995) by S.I. 1995/1163, reg. 2

F3 S. 717(1)(d) inserted by Companies Act 1989 (c. 40, SIF 27), ss. 145, 213(2), Sch. 19 para. 16(2)

F4 S. 717(2)(3) substituted by Companies Act 1989 (c. 40, SIF 27), ss. 145, 213(2), Sch. 19 para. 16(3)

Modifications etc. (not altering text)

C1 S. 717(1): by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 22 certain words were inserted at the end of s. 717(1) and those words were repealed (subject to any relevant transitional or saving provisions mentioned in S.I. 1990/355, art. 5) by Companies Act 1989 (c.40, SIF 27), ss. 145, 212, 213(2), Sch. 19 para. 16(2), Sch. 24

Marginal Citations

M1 1907 7 Edw. 7 c. 24