Prohibition of associations and partnerships exceeding certain number.

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..... rships exceeding certain number. 11. (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 some other Indian Law. (2) No company, association or partnership consisting of more than twenty persons shall be for .....

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..... a member of a company, association or partnership formed in contravention of this section shall be punishable with fine which may extend to [1] [ten thousand rupees]. ---------------------------------------- Notes:- [1] Substituted for "one thousand rupees" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. - - statute, statutory provisions legislation, la .....

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