The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002

Insurance companies formed before 3rd November 1966 in contravention of section 434 of the Companies Act 1948

11.  In section 716 of the Companies Act 1985 (prohibition of partnerships with more than 20 members), after subsection (5) insert(1)—

“(6) Subsection (1), or any corresponding provision previously in force, does not invalidate the formation of any insurance company which immediately before 3rd November 1966 was carrying on in Great Britain insurance business of any class relevant for the purposes of Part I of the Insurance Companies Act 1974 and was carrying on business of that class on 25th July 1973.”.

(1)

Section 716 was amended by sections 145 and 212 of, and paragraph 15 of Schedule 19 to and Schedule 24 to, the Companies Act 1989 (c. 40); by section 263 of the Financial Services and Markets Act 2000 (c. 8); by regulation 2 of, and paragraph 53 of the Schedule to, S.I. 1991/1997, and by regulation 84 of, and paragraph 7 of Schedule 7 to, S.I. 2001/1228. This provision reproduces the effect of section 89 of the Insurance Companies Act 1982 (c. 50), which was repealed by S.I. 2001/3649, article 3.