Clause 7

by inserting, at the end of paragraph (b) of subsection (2), the word “or”;

by deleting paragraph (c) of subsection (2);

by re-lettering paragraph (d) of subsection (2) as paragraph (c); and

by inserting, immediately after subsection (3), the following subsections:“(4) So much of subsection (3) as prohibits the formation of an association or a partnership consisting of more that twenty persons shall not apply to an association or a partnership formed for the purpose of carrying on the profession or calling of accountancy.(5) As from the date of commencement of the Companies (Amendment) Act 1983 no company limited by guarantee with a share capital shall be registered under this Act.(6) The prohibition referred to in subsection (5) shall not affect a company limited by guarantee which has a share capital and is registered as such before the date of commencement of the Companies (Amendment) Act 1983 and subsection (2) of section 32 shall continue to apply to a company so registered; but any such company shall, within two years of that date, elect to convert and register that company either as a company limited by shares or as a company limited by guarantee.”.