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SOLR_PROP

Companies Act, 1963

PART XIV.

Miscellaneous Provisions relating to Banking Companies, Partnerships and Unregistered Companies.

Provisions relating to Banking Companies.

Prohibition of banking partnerships with more than ten members.

372.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 statute.