02/09/1993 01:40 PM Senate L&C

  SENATOR KELLY introduced SB  66 (UNIFORM LIMITED PARTNERSHIP                 
  ACT UPDATE) sponsored  by SENATOR JIM DUNCAN.  SENATOR KELLY                 
  invited ROXANNE STEWART,  aide to SENATOR DUNCAN,  to review                 
  the bill.                                                                    
                                                                               
  MS  STEWART  explained  the bill  completed  the  upgrade of                 
  Alaska's   Limited  Partnership  Act   to  conform   to  the                 
  recommendations of the National  Conference of Commissioners                 
  under the  Uniform State Laws.   In reviewing  the sections,                 
  she said  Section  1 substitutes  the  notice form  for  the                 
                                                                               
                                                                               
  certificate of  limited partnership  for the  old long  form                 
  certificate, and the rest of the bill simply conforms to the                 
  remainder of the Limited Partnership Act.                                    
                                                                               
  SENATOR KELLY opened the committee to questions.                             
                                                                               
  ART  PETERSON,  presently  in   private  practice,  strongly                 
  supports SB 66.   He drew  attention to two  letters in  the                 
  bill file from Anchorage attorneys written last year on this                 
  subject, also, strongly supporting the bill.                                 
                                                                               
  MR. PETERSON explained  the bill would provide  for national                 
  uniformity with other states, and it would provide a  modern                 
  approach to  the area  of limited  partnerships, along  with                 
  better  access to  the business  communities  throughout the                 
  country.  He noted Section 1 was  the heart of the bill, and                 
  all of the other provisions were compatible amendments.                      
                                                                               
  MR.  PETERSON  continued  to  explain  the reasons  for  the                 
  substitution of the modern use of  the short form, or notice                 
  form of the certificate of limited partnership,  for the old                 
  fashioned long form.   He gave  an extensive account of  the                 
  history and use of  the certificate from its inception,  and                 
  he explained the current application of  the short form as a                 
  cost benefit.                                                                
                                                                               
  SENATOR RIEGER asked  several questions  of MR. PETERSON  to                 
  clarify other types of joint ownership in business forms.                    
                                                                               
  Number 358                                                                   
                                                                               
  To answer SENATOR LINCOLN, MR. PETERSON explained the format                 
  was used  by most states,  but the  long form dated  back to                 
  1917.                                                                        
                                                                               
  SENATOR  KELLY agreed with MR. PETERSON this change had been                 
  left out of  the re-write last year, which satisfied SENATOR                 
  LINCOLN.                                                                     
                                                                               
  Next, SENATOR  KELLY called on WILLIS  KIRKPATRICK, Director                 
  of the Division of Banking, Securities, and Corporations, to                 
  testify.                                                                     
                                                                               
  MR. KIRKPATRICK  testified in favor  of the change  since it                 
  would  lessen the  burden on  his  department in  the filing                 
  procedures.  He asked the committee  to consider a couple of                 
  changes  to  update  the standard  industrial  codes  and to                 
  include a reminder for the limited partnerships  to be filed                 
  in his department.                                                           
                                                                               
  Number 404                                                                   
                                                                               
  After some discussion, SENATOR LINCOLN  moved to pass SENATE                 
  BILL NO.  66 from committee with  individual recommendations                 
                                                                               
                                                                               
  and a zero fiscal note.  Without objections, so ordered.