Bermuda's 60/40 ownership rule may have to be modified or dumped altogther, Opposition leader Jennifer Smith said yesterday.

She was speaking only a day after a Parliamentary Select Committee refused to back a Private Members' Bill put forward by the Bank of Bermuda to vary the law which ensures majority Bermudian ownership.

Ms Smith said: "I certainly think that that rule needs to be examined in light of today and the future.'' She added the Island had to look at whether it "might decide to have some other percentage or ratio or whether it needs to be done away with altogether''.

Ms Smith declined to comment on specific cases until the Progressive Labour Party had had a chance to discuss the issues.

But she said: "I think that we have to look at each case on its individual merits.'' The move could be seen as part of a PLP drive to be seen as more business-friendly in the run-up to the next General Election.

Last year, the PLP backed a bill to allow foreign ownership of the old Bermudiana Hotel site in Hamilton so insurance giants ACE and EXEL could launch a multi-million dollar development of headquarters for both firms.

The news came as Ms Smith announced three more candidates for the General Election.

Party public relations officer Michael Scott -- a barrister -- will run for the third time in Southampton West, taking on sitting United Bermuda Party MPs, Premier Pamela Gordon and Tourism Minister David Dodwell.

And PLP veteran Ottiwell Simmons will again team up with party young gun Nelson Bascome in Pembroke East.