Note 1 — Chapter III · THE EARLY PRIVATE BANKERS
Reading edition
Under the Companies Act, 1862 (25 & 26 Vict. cap. 89), private banks may now have as many as ten partners. Section 4 provides that “no company, association, or partnership consisting of more than ten persons shall be formed, after the commencement of this Act, 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 Act of Parliament or of Letters Patent.” Re-enacted by Companies (Consolidation) Act, 1908, sec. 1 (1).