(1) No company, association or partnership consisting of more than 20 persons shall be formed for the purpose of carrying on any business (other than the business of banking), that has for its object the acquisition of gain by the company, association or partnership, or by the individual members thereof, unless -
(a) it is registered as a company under this Act;
(b) it is formed in pursuance of some other statute; or
(c) it is a partnership formed for the purpose of -
(i) carrying on practice as accountants in a case where each partner is a statutory auditor;
(ii) carrying on practice as solicitors in a case where each partner is a solicitor;
(iii) carrying on or promoting the business of thoroughbred horse breeding, being a partnership to which, subject to subsection (5), the Limited Partnerships Act 1907 relates; or
(iv) the provision of investment and loan finance and ancillary facilities and services to persons engaged in industrial or commercial activities, being a partnership -
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