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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

Section 716 of the Companies Act 1985 prohibits the formation of partnerships of more than 20 persons. These Regulations exempt from that prohibition partnerships formed for the purpose of carrying on practice as actuaries and consisting of persons at least three-quarters of whom are Fellows of the Institute of Actuaries or Fellows of the Faculty of Actuaries. They replace, and revoke, earlier Regulations (S.I. 1970/835) which provided for an exemption in relation to partnerships consisting of persons all of whom were Fellows of either the Institute of Actuaries or Faculty of Actuaries.