Section II
Penalty on partnerships exceeding a certain number.
The Joint-stock Companies Act, 1857
About this Act
An Act to make better provision for the order and good government of the Suburbs of Calcutta and of the station of Howrah.
Not more than twenty persons shall
after the first day of January 1858 carry on in partnership, in any part of the territories in the
possession and under the Government of the East India Company, any trade or business having gain
for its object, unless they are registered as a Company under this Act, or are authorised so to carry on
business by an Act of Parliament, or by Royal Charter or Letters Patent, or by an Act of the Governor
General of India in Council ; and if any persons carry on business in partnership contrary to this
provision, every person so acting shall be severally liable for the payment of the whole debts of the
partnership, and may be sued for the same without tale joinder in the action or suit of any other
members of the partnership.