Section 89 Insurance companies formed before 1967 in contravention of section 434 of the Companies ActF2

Section F1716 of the Companies Act (which in certain cases forbids the formation otherwise than under that Act of a company, association or partnership consisting of more than twenty persons) shall be deemed not to have invalidated 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 M1Insurance Companies Act 1974 and was carrying on business of that class on 25th July 1973.

In subsection (1) above the reference to the said section 716 includes a reference to any corresponding enactment previously in force.