4. Prohibition of partnerships exceeding certain number.
(1)No company, association or partnership consisting of more than ten persons shall be formed for the purpose of carrying on the Business of banking unless it is registered as a company under this Act, or is formed in pursuance of an Act of Parliament or some other Act of the Governor General in Council, or of Royal Charter or Letters Patent.(2)No company, association or partnership consisting of more than twenty persons shall be formed for the purpose of carrying on any other business that has for its object the acquisition of gain by the company association or partnership, or by the individual members thereof, unless it is registered as a company under this Act, or is formed in pursuance of Act of Parliament or some other Act of the Governor General in Council or of Royal Charter or Letters Patent.Memorandum of Association.
