THE COMPANIES ORDINANCE, 1972

Part X.—Miscellaneous

Prohibition of partnerships with more than ten members

333.—(1) No company, association, or partnership consisting of more than ten persons shall be formed for the purpose of carrying on any business that has for its object the acquisition of gain by the company, association, or partnership, or by the invidiual members thereof, unless it is registered as a company under this Ordinance, or is formed by or under some other Ordinance or by letters patent.

(2) This section shall not apply to—

(a)   a partnership for the purpose of carrying on practice as accountants ;

(b)   a partnership or association for the purpose of carrying on business as stock brokers or jobbers or as dealers in securities, consisting of persons each of whom is a member of a stock exchange in Seychelles or of a recognised overseas stock exchange; or

(c) a company, association or partnership formed tor the purpose of carrying on a profession, vocation or business specified in regulations made by the Governor in Council and consisting of persons who satisfy any conditions imposed by those regulations ; or

(d) an overseas company.