Government Senator Lynda Milligan-Whyte said this legislation will enhance Bermuda in the international business community.

She said the bill dealt with limited partnerships where the general partner was responsible for administration, while the limited partner contributed cash.

The bill, she said, would allow limited partnerships to be listed on the Bermuda Stock Exchange and it would also allow for the transfer of partnership interests.

Both factors she said would make Bermuda more competitive with other jurisdictions.

"If the partner wants to sell his interests he can do so,'' she explained.

"It was a lot more onerous before this amendment.'' The general partner, Sen. Milligan-Whyte continued, must maintain a register with all the limited partners names on it.

Opposition Senator Terry Lister said the Act represented changes that would make it more user friendly for business.

Sen. Lister said the changes would make it better for persons who marketed Bermuda as a business destination to promote the Island overseas.

Senator Alf Oughton (Ind) said the legislation was important if Bermuda was to remain competitive with other jurisdictions.

Senator Larry Scott (UBP) said the legislation was another example of Government keeping its focus on a prime source of revenue -- international business.

It was important for Bermuda to remain on the "cutting edge'' of this field.

The Country would reap rich rewards.

"If the cow is content, it will give a full bucket of cream,'' he said.