dramatically halted in Parliament last night.

The proposal will now have to be debated on Monday -- because of confusion about how many MPs should be allowed to vote.

Around half the House of Assembly was preparing to quit the Chamber when the Speaker declared that no MPs who had shares in the bank could vote.

His ruling meant only a handful of Government MPs may have been able to vote on the bill, which would allow overseas investors to buy into the bank.

Bank of Bermuda executives are praying the bill will pass so they can scrap the 60/40 law and gain a listing on a foreign stock exchange.

The private bill is designed to allow the bank to raise extra cash and boost stock prices.

It is also understood the loosened 60/40 law would mean shareholders could reap rich dividends on their shares.

Introducing the bill, Government backbencher Leonard Gibbons said the bank, which employs 1,200, would still be at least 60 percent Bermudian on the board.

But the confusion began after the House of Assembly moved into committee stage and prepared to vote on the proposal -- and Mr. Gibbons adjourned the debate until Monday.

Bank debate halted Finance Minister Dr. Grant Gibbons was also forced to withdraw a comment that the confusion inside the House was "ridiculous''.

"In some ways, this is being taken down to the level of ridiculous,'' he said, before striking off the remark.

Renee Webb, of the Progressive Labour Party, had demanded that any members with a "pecuniary interest'' should not be allowed to vote, according to Parliamentary rules.

Speaker Ernest DeCouto agreed -- and banned any MP with a single share from taking part.

He said: "There's great speculation that if the House approves this bill, all shareholders expect to see a great appreciation of their share dollar valuation.

"That's the pecuniary interest that certain members have and questions the right to vote of those members.'' He said no small shareholders could vote -- "because a $40 dollar share could increase in value to $80''.

The Speaker added: "If a person has one share, there's a conflict of that rule. We don't have any further guidelines. What does this mean. Does it mean that no-one can vote?'' There were loud shouts of "no'' from the Opposition benches, with most PLP members still in the Chamber and ready to vote.

But the proceedings were halted until Monday after concerned Government members, including Premier Pamela Gordon, suggested a cut-off level should be applied, banning only those with a certain percentage of bank shares from voting.

BUSINESS BUC