(1) Subject to paragraph (2), section 17 of the 1986 Act, as substituted by Regulation 45 of the 1992 Group Accounts Regulations, shall apply to a partnership to which this Part applies as it applies to a private company.
(2) In the case of a partnership to which this Part applies;
(a) the reference in section 17 to the provisions of section 7 shall be construed in accordance with Regulation 20 (4), and
(b) paragraph (a) of subsection 1 of the said section 17 shall not apply but all the partners including, in the case of a limited partnership, a limited partner must declare, in writing, their consent to the exemption in respect of a financial year before the partnership can stand exempted from the requirement in respect of that year, and
(c) the notification procedure referred to in subsection (1) (b) of the said section 17 shall not apply, but a certified copy of the guarantee referred to in that subsection in respect of a financial year must be forwarded to all the partners incl