Parliament on Friday tabled two bills to amend partnerships legislation as recommended by the Bermuda International Business Association Legislative Change Committee as part of a review of Bermuda?s legislative regime.

The Overseas Partnerships Amendment Act 2005 amends the 1995 Act by making it possible for an overseas partnership to among other things, hold land by way of a lease or tenancy agreement for a term not exceeding 50 years. The amendments will also repeal the requirement to advertise changes in name, the general partners and the nature of the partnership.

The Exempted Partnerships Amendment Act 2005 repeals the requirement for an exempted partnership to have to advertise an intention to register or to change the nature of the business of an exempted partnership. It also repeals the requirement to advertise changes in name, the general partners and the nature of the partnership and it makes it possible for for an exempted partnership to hold land by way of lease of tenancy agreement for a term not exceeding 50 years.