03/02/1993 03:00 PM House L&C

  HB 112:  UNIFORM LIMITED PARTNERSHIP ACT UPDATE                              
                                                                               
  REP. CARL MOSES, PRIME SPONSOR of HB 112, gave a sponsor                     
  statement. (see attachment 2).  He said the bill would                       
  remove the use of the long form in limited partnerships.                     
                                                                               
  Number 509                                                                   
                                                                               
  ART PETERSON testified in support of HB 112.  He informed                    
  the committee that the long form was no longer necessary and                 
  just does not work under modern use.  He gave a brief                        
  history of the issue and reiterated comments by the sponsor.                 
                                                                               
  Number 560                                                                   
                                                                               
  (It was noted that Rep. Mulder joined the committee at 3:30                  
  p.m.)                                                                        
                                                                               
  Number 563                                                                   
                                                                               
  REP. PORTER asked if the code revision commission committee                  
  had anything to do with revising this law.                                   
                                                                               
  MR. PETERSON responded no and elaborated by noting the                       
  particular professor who made a recommendation was also the                  
  professor who helped the code revision commission on other                   
  matters.                                                                     
                                                                               
  REP. PORTER asked if it could be assumed that the majority                   
  of states also have this provision as outlined in HB 112.                    
                                                                               
  MR. PETERSON responded that they do and referenced the fact                  
  sheet in the bill packet. (see attachment 3)                                 
                                                                               
  REP. PORTER asked if this would change the information                       
  available to the public.                                                     
                                                                               
  Number 596                                                                   
                                                                               
  MR. PETERSON responded to Rep. Porter's concern by pointing                  
  out that prospective investors and lenders of credit would                   
  provide any needed information to the other in order to                      
  expedite business transactions in a limited partnership.  He                 
  also pointed out that Section 20 of HB 112 requires the                      
  corporation or organization to maintain all information                      
  requested on the long form.                                                  
                                                                               
  Number 609                                                                   
                                                                               
  REP. MULDER asked if this compared to Senator Rodey's SB 193                 
  of last year.                                                                
                                                                               
  MR. PETERSON said it did; HB 112 would fill in the gap left                  
  by SB 193.                                                                   
                                                                               
  REP. MULDER asked if it was intentionally left out of the                    
  bill last year.                                                              
                                                                               
  MR. PETERSON said it was intentionally left out and was                      
  inadvertently not picked up as Senate relations evolved                      
  during the session.                                                          
                                                                               
  Number 625                                                                   
                                                                               
  REP. SITTON made a motion to move HB 112 from committee with                 
  individual recommendations and a zero fiscal note.                           
  There were no objections, so HB 112 passed from the House                    
  Labor and Commerce Committee.