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Privileges may be granted by letters patent to persons associated for trading or other purposes.
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2. It shall and may be lawful for her Majesty, by letters patent to be from time to time for that purpose issued under the great seal of the United Kingdom of Great Britain and Ireland, or in Scotland under the seal appointed by the Articles of Union to be used instead of the great seal thereof, to grant to any company or body of persons associated together for any trading or other purposes whatsoever, and to the heirs, executors, administrators, and assigns of any such persons although not incorporated by such letters patent, any privilege or privileges which, according to the rules of the common law, it would be competent to her Majesty to grant to any such company or body of persons in and by any charter of incorporation.
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