Overseas partnerships may soon be allowed to conduct business in Bermuda under a new Act tabled by Minister Finance the Hon. David Saul.

The Overseas Partnerships Act 1995, one of four bills tabled in the House of Assembly on Friday, would put overseas partnerships on the same footing as permit companies.

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

Under the new Act, partnership formed outside Bermuda would apply for permits and face certain conditions.

"The main purpose of this bill is to establish a mechanism to enable overseas partnerships to carry on trade business in Bermuda and to establish a regime to regulate such partnerships,'' according to the bill's explanatory a memorandum.

Partnerships are a common vehicle for service like lawyers, accountants and investment professionals.

In a partnership, the members pool there funds and talent and share in profits or losses.

The partnerships act is similar to the original exempted partnerships act. In another bill, the Exempted Partnerships Amendment Act 1995, the Ministry of Finance is proposing limited partners no longer need to apply to discontinue their association with the partnership.

"The purpose of this Bill is to remove the requirement for ministerial consent prior to a change of limited partners.'' Limited partners generally finance the business and are more apt to move in and out of a firm's operations while the general partners oversee the day to day operations.

The change would make their movement easier and provide businesses more flexibility.

Dr. Saul tabled two other bills -- the Companies Amendment Act 1995 and the Mutual Companies (Non-application Companies Act) Regulations 1995 -- on Friday.

The former covers various changes stemming from consultation with the Bermuda International Business Association's company's act committee while the latter would allow mutual insurance company's to close their member registers.

Among the amendments to the companies act, the Ministry of Finance is also proposing the requirement for the register of members of mutual funds companies to be open to inspection be changed.

Under the change, these registers, like those of insurance mutuals, would be closed.

Dr. Saul could not be reached for comment.

The four bills will require two more readings, Senate approval and Royal Ascent before becoming law.