03/12/1996 01:35 PM Senate L&C

             SB 186 LIMITED LIABILITY PARTNERSHIPS                            
                                                                              
 SENATOR KELLY announced  SB 186  to be up for consideration and               
 informed the committee a committee substitute had been prepared.              
                                                                               
 MR. ERNOUF explained the proposed committee substitute contains the           
 suggested amendments from the Division of Banking.  The amendments            
 are administrative to keep filing procedures consistent with the              
 procedures for corporations, limited liability partnerships, and              
 limited liability companies.  One additional technical change                 
 needed to be made, but otherwise, all interested parties agreed               
 with the changes made.                                                        
                                                                               
 PETER DENN stated on page 8, lines 13 and 14, of the work draft,              
 the phrase, "unless the context indicates otherwise" was not                  
 removed from the bill, as was the intent expressed at the committee           
 meeting with members of the banking industry and CPAs.                        
                                                                               
 SENATOR SALO asked if it should read, "partnership includes a                 
 registered limited liability partnership;."  MR. DENN replied it              
 should.                                                                       
                                                                               
 SENATOR TORGERSON moved the committee adopt CSSB 186(L&C).  There             
 being no objection, the motion carried.                                       
                                                                               
 SENATOR KELLY asked if there was any opposition to CSSB 186(L&C).             
 MR. ERNOUF believed former problems were corrected in the committee           
 substitute.                                                                   
                                                                               
 SENATOR KELLY clarified that the removal of line 14 was                       
 incorporated into the committee substitute as an amendment.                   
                                                                               
 SENATOR TORGERSON moved CSSB 186(L&C) as amended out of committee             
 with individual recommendations.  There being no objection, the               
 motion carried.