Friday, will give Bermuda access to the growing number of partnerships, said Finance Minister the Hon. David Saul.

The proposed new Act, one of four bills tabled by Dr. Saul, would allow overseas partnerships to operate in Bermuda much the same way that permits companies conduct business.

The proposed Act will not affect the Island's existing partnerships as the business focus will be on corporate partnerships, said Dr. Saul.

"Definitely there are positives associated with having this in Bermuda, overseas partnerships are growing very rapidly. Several have approached Government and we feel many businesses would come to Bermuda (under a new Act),'' said Dr. Saul.

In many instances, partners live in different jurisdictions, each with differing legal and regulatory environments, and a new vehicle in Bermuda will allow then to set up a registered office here under one law, he said.

Under existing legislation, overseas partnerships cannot do business in Bermuda unless they are formed here.

This proposed Act, similar to the original Exempted Partnerships Act, meets the needs of a growing international business sector, he said.

"We have designed a legal entity called a permit company, this new bill provides for a mirror image of permit companies,'' said Dr. Saul.

"We feel many corporate partnerships would bring business to Bermuda,'' he added.

As well as the Overseas Partnerships Act, the finance minister tabled three other bills; the Companies Amendment Act 1995, the Exempted Partnerships Amendment Act 1995 and the Mutual Companies (Non-application Companies Act) Regulations 1995.

The Companies Amendment Act is done yearly to keep Bermuda's legislation on the "cutting edge,'' he said.

The exempted partnerships bill, by removing the requirement that limited partners receive consent prior to changing, will met a need of business, he said, while the latter will give mutual fund investors more privacy.

"People who invest in mutual funds do not want their names to be public knowledge.'' The bills require further readings, Senate approval and Royal Ascent before becoming law.