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Explanatory note

Original text. Later amendments are not shown.

(This note does not form part of the Regulations)

Section 716(1) of the Companies Act 1985 prohibits the formation of partnerships consisting of more than twenty persons. These Regulations exempt from that prohibition partnerships formed for the purpose of carrying on business as insurance brokers where each partner is either a registered insurance broker or an enrolled body corporate within the meaning of the Insurance Brokers (Registration)Act 1977.