Several pieces of ?housekeeping? legislation were passed by the House of Assembly yesterday, which tidy up existing acts relating to exempted, limited and overseas partnerships as well as the realms of investments, trusts and banks.

The Exempted Partnerships Amendment Bill (No. 2) Act 2005 will amend the Exempted Partnerships Act 1992 in a move that told the House is all about modernising current legislation.

?While there may not be excitement generated, we are trying to plough through the morass of bureaucracy,? she explained.

The minimum capital requirement in the earlier Act is amended through the new legislation and a new subsection will be inserted saying that an exempted partnership shall appoint, and at all times maintain in Bermuda, a resident representative.

The requirement to notify the Registrar of the appointment of a resident representative is removed, as the Registar receives this information on an application for registration of a certificate of exempted partnership. However, the partnership is still required to notify the Registrar of any change of resident representative.

New sections are also inserted into the original Act to prescribe the procedure to be followed in respect of the revocation of permits under that Act. Under the new legislation, the Minister may at any time revoke the certificate of an exempted partnership if it fails to comply with the Act, is carrying on business in a manner that the Minister believes to be detrimental to the public, or if a court in any country makes an order for dissolution of the exempted partnership.

Another section is inserted which makes is clear that a person who acts as a partner to an exempted partnership is not deemed to be carrying on business in Bermuda by virtue solely of so acting.

The Limited Partnerships Amendment (No.2) Act 2005, said the Minister of Finance, is about getting rid of antiquated and unnecessary procedures contained within the Limited Partnerships Act 1883.

Among the changes made are the removal of the requirement to report any capital contribution increase by limited partners and also of the requirement for setting a minimum capital requirement for limited partners. Public inspection of the register of limited partnerships is dispensed with.

The Overseas Partnership Amendment Act is another piece of legislation aimed to update that which is already on the statute books ? the Overseas Partnerships Act 1995 ? said the Minister.

Among the new sections are one which makes it clear that a person who acts as a partner to an overseas partnership is not deemed to be carrying on business in Bermuda by virtue solely of so acting. The next three Acts that were passed by the House of Assembly are broadly similar and deal with the reporting requirements placed on auditors.

The Investment Business Amendment Act 2005 makes some changes to the Investment Business Act 2003.

Auditors are now required to report to the Bermuda Monetary Authority matters that are prescribed by regulations made under the original Act.

The Trusts (Regulation of Trust Business) Amendment Act 2005 makes changes to the original Act of 2001 in imposing reporting requirements on auditors with respect to trusts. It also has a section on the disclosure of information for disciplinary purposes to the Institute of Chartered Accountants.

The Banks and Deposit Companies Amendment Act 2005 amends the Act of 1999. It makes changes to the sections of the original Act which impose reporting requirements on auditors or accountants with respect to financial institutions. Auditors or accountants will now be required to report to the Bermuda Monetary Authority matters that are prescribed by regulations under the Act. The original Act is also clarified in respect of the disclosure of information for disciplinary purposes to the Institute of Chartered Accountants. Further clarified is the disclosure provision relating to an overseas territory.

All of the legislation will now go before the Senate.