investment in the industry.

With up to $500 million promised in several hotel and resort projects around the Island, Tourism Department officials are keen to ensure legislation is up to date to cope with the demands of the Millennium.

Several of the new projects are set to include cottages and condos which could be owned and leased back for vacationers -- which will require beefing up of certain laws.

Currently staff in the Attorney General's Chambers are reviewing the Timeshare Act with that in mind -- in order to get what could be completely new legislation before MPs this year.

Tourism director Gary Phillips said Bermuda needed to keep up to date with trends in the hospitality industry.

"The accommodations industry has changed sufficiently around the world that there clearly is a need to re-examine all the articles of the... Act,'' he said.

The Act dates back to 1981 with new arrangements such as proposed lease backs of properties, for example at the planned Belmont development or the Morgan's Point site, likely to be included in the new Act.

And it will make the situation clearer for existing timeshares at the St.

George's Club who had some disagreements with owners in the past.

St. George's Club Member Michael Newburger said the revamping was good news and would bring clarity to members.

The difficulties have now been sorted out and Mr. Newburger said a new Act would serve both owners and members, setting out guidelines for both to follow.

Acting Tourism director Cherie Whitter added: "There are new properties and a new way of doing business, lease back and other aspects are not covered. The Act needs to be reviewed.

"It is necessary to take a fresh look at the way the accommodations industry has changed because the Timeshare Act does not embrace everything.'' More developments are likely to include residential aspects alongside traditional hotels and cottage colonies. Owned properties could then be let to hotel guests for several weeks of the year -- proving extra accommodation and an investment return.