could move to have MPs approve the Bank of Bermuda's bid to get an exemption from the 60/40 ownership law this Friday.

Government backbencher Leonard Gibbons tried to have the private member's bill debated last Friday when he moved that the Lower House reject the report of the Joint Select Committee on Private Bills.

Now it appears Mr. Gibbons, with the blessings of his Government, will try to have the bill discussed as early as this Friday, and certainly before the House rises for the summer recess on July 3.

The bill would waive requirements for the Bank to be at least 60 percent owned by Bermudians. The bank says it needs the waiver in order to list at least some of its shares on a US stock exchange, which it says is necessary to raise the value of its shares and to remain competitive.

Bank bill could be debated But Friday appears to be the best bet for Mr. Gibbons to lead debate. To do so, he will require the consent of Opposition members of the Lower House, or at least a successful vote to have the chamber suspend the rules to allow the Second Reading of the bill.

Normally, a bill is tabled for two weeks before it is debated, although with time constraints and for other reasons, it is not unusual for the rules to be suspended.

Just where the Opposition stands on the issue is uncertain. Mr. Gibbons said yesterday that he expected the bill's major provisions would win bipartisan approval of Lower House members.

But the Progressive Labour Party was yesterday playing cards close to its chest. Opposition Leader Jennifer Smith yesterday referred the matter to her shadow finance minister Eugene Cox, who stated: "I personally want to wait to see what the Government is going to do before I make any comment.'' Mr. Cox did say that the bill's provisions had not been supported by all the regulators who consulted with the Joint Select Committee on Private Bills. His understanding, he said, was that the bill had failed to meet certain criteria and that was the reason for the bill being rejected by the committee.

If the bill completes its second reading of the Lower House on Friday, it is likely that the rules will again be suspended to allow for the bill's immediate third reading and subsequent passage, so that it could be sent directly to the Senate for consideration.

Mr. Gibbons said that he hoped the bill would generally be supported and already had casually observed diverse support from members of the House.

He said: "We have to start looking beyond our little shores. The bank is competing in the real world out there. If Bermuda wants to be able to compete, they have to be able to compete.

"The 60/40 rule, protectionism, has been wonderful and served us well. I'm not for taking 60/40 off of everything. But in specific instances, where it is good for Bermuda, I support it.

"The Bank of Bermuda is probably one of the single biggest employers and is in 17 locations around the world. That's from where most of their income is coming from.

"That is an institution that can be operated from Cayman Islands or New York.

They don't have to be here to operate those offices. But they are here and they are a local bank.

"The bill protects against takeovers and ensures at least 60 percent Bermudian directors, but allows them to play in the big world. There is a ten percent limit in terms of ownership by any one person or group.''