A controversial bid by the Bank of Bermuda to allow overseas investors to buy into the business will be debated in the House of Assembly today.

The bank wants to be exempted from the 60/40 rule, which guarantees majority Island ownership of businesses, so it can gain a listing on a foreign stock exchange.

A private bill asking for an exemption -- which the bank insists is vital for its future -- failed to win backing from the Joint Select Committee on Private Bills.

But it is understood the bank's plans are set to get cross-party support -- despite misgivings on the part of the Opposition Progressive Labour Party.

Some PLP MPs fear there are not enough safeguards to protect the bank from a hostile takeover bid by a foreign firm.

But Finance Minister Grant Gibbons -- who has backed the bank's proposals -- insisted there were sufficient regulations in place to protect the bank's position. It is expected several MPs will declare an interest due to connections with the Bank of Bermuda or other banking interests.

Government Whip Quinton Edness and UBP backbencher Ann Cartwright DeCouto are both directors of the Bank of Bermuda.

Opposition leader Jennifer Smith and Development and Opportunity Minister Jerome Dill are both directors of the Bermuda Commercial Bank.

PLP MP and lawyer Paula Cox -- who works in the Bank of Bermuda's legal department -- yesterday confirmed she will not take part in any vote on the issue.

MPs will also discuss a new bill to set up a special register of people convicted of offences against children.

The Children Act also introduces tough penalties for anyone who abuses, mistreats, neglects or abandons a child.

Offenders can be fined as much as $3,000 or jailed for up to six months.