Legislature(1993 - 1994)

04/14/1993 01:45 PM JUD

Audio Topic
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
txt
 SENATOR TAYLOR introduced HOUSE BILL NO. 112 (UNIFORM LIMITED                 
 PARTNERSHIP ACT UPDATE) introduced by REPRESENTATIVE CARL                     
 MOSES.  TIM BENINTENDI, aide to REPRESENTATIVE CARL MOSES, was                
 invited to testify.                                                           
                                                                               
 Number 381                                                                    
                                                                               
 MR. BENINTENDI explained the legislation would compete the                    
 upgrade of Alaska's Uniform Limited Partnership Act, and he                   
 reviewed the uniform law as making it legally compatible among                
 states.  He said it would bring Alaska into conformity with                   
 thirty three other states and make the state more attractive                  
 to investors and lenders.                                                     
                                                                               
 MR. BENINTENDI also said it had the support of the Alaska                     
 Uniform Law Commission, and he reviewed previous upgrading on                 
 the Limited Partnership Act, based on the recommended language                
 from the National Conference of Commissioners on Uniform State                
 Law with the exception of the certificate format.  He reviewed                
 the actions of the sponsor on the short form v. the long form                 
 certificate and referred the members of the committee to the                  
 information in the bill packet from COMMISSIONER DEBORAH BEHR                 
 and several legal firms, all indicating preference for the                    
 notice form of certification.                                                 
                                                                               
 MR. BENINTENDI described Section 1 as putting the notice form                 
 into the statute - replacing the long form and allowing for                   
 the reduction of cumbersome filing requirements.  He explained                
 the long form requirement process in Section 20 to be made                    
 available.  The remaining sections, MR. BENINTENDI explained,                 
 provided compatible amendments.                                               
                                                                               
 MR. BENINTENDI explained the effective date was to coincide                   
 with the effective date of SB 193 to allow for the body of                    
 amendments to become law on July 1, 1993.  He said there were                 
 two fiscal notes and no opposition.                                           
                                                                               
 SENATOR LITTLE asked for additional explanation on the                        
 legislation, and MR. BENINTENDI explained it would upgrade the                
 laws from 1916.  He further explained how the new legislation                 
 would simplify the business of partnerships, especially where                 
 many partnerships now number in the thousands.                                
                                                                               
 MR. BENINTENDI explained how HB 112 would greatly assist the                  
 Department of Commerce and Economic Development gather,                       
 assimilate, and keep relevant partnership information current.                
                                                                               
 SENATOR TAYLOR said he would hold the bill over for a future                  
 meeting.                                                                      

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