first hurdle in the Senate.

The bill allowing foreign ownership of the Bermudiana site was passed in the House of Assembly last Friday in under 42 seconds -- without debate.

Yesterday a motion for the first reading of the Bermudian Site Rehabilitation Act 1997 -- along with the Stalking Act 1997 -- was carried in the Senate.

Last week several UBP Government MPs, were caught off guard by the swift passage of the private bill in the House of Assembly.

The Bermudiana bill allows ACE Ltd. and EXEL Ltd. to bypass the 60/40 ownership rule -- which requires that 60 percent of a company be Bermudian owned -- and take over the landmark site off Pitts Bay Road.

ACE Ltd. and EXEL Ltd. had agreed to buy the property from Argus Insurance and develop it for their new offices if the bill passed and Planning permission was given.

The hotel could be demolished by March or April with offices for the two firms being phased in over five years.

The Senate will begin debate on the Bermudiana bill next Wednesday. Senators have indicated that the bill will be debated.