today with a tough baptism.

The committee will be debating four controversial private bills put forward by The Bank of Bermuda, Belco (Holdings) Ltd., Bermuda Properties Ltd. and First International Citizens' Bank of Bermuda.

The issues surrounding the first three bills are potential minefields for political parties as they gear up for the General Election. The fourth bill, a startup charter for a new bank, poses a competitive threat to the local retail operations of The Bank of Bermuda Ltd. and the Bank of N.T. Butterfield and Son Ltd.

The bills have already been delayed from being passed on for consideration and debate in Parliament. Consideration of the first three bills was put off by the committee in March. Committee members decided they needed some more time after some changes were made to the Bank of Bermuda bill.

The First International charter bill had its first reading last May and was recently submitted to the committee.

The review of the bills at the committee's first meeting was further delayed due to a Cabinet reshuffle and the defection of Government MP Grace Bell to the PLP.

Since then UBP MPs Quinton Edness and Irving Pearman, and Independent Senator Jeannette Cannonier have been appointed to the eight-member committee. The other members for the UBP are MP Trevor Moniz and Senator Larry Scott. MPs Stanley Lowe and Stanley Morton and Senator Terry Lister represent the PLP.

The Private Bills Committee makes recommendations to the House of Assembly about whether a particular bill should be passed or not. The committee receives advice from technical officers, including those from the Finance Ministry, the Bermuda Monetary Authority, the Attorney General Chambers, and the Registrar of Companies.

It's at the committee level that party differences on issues, if any, are usually hammered out before the bill is put before Parliament. However a member who disagrees with a majority vote has the option of writing a dissenting report.

Meanwhile the Opposition PLP is not saying whether it will support or be against any one of the bills. Shadow Finance Minister Eugene Cox said the PLP as a party considers all bills on their own merits once the Private Bills Committee had made a decision. PLP members on the committee are to make an "independent'' judgment, he said.

"Our policy is to look at all of the issues on a selective basis,'' he said.

"If changes are needed for the betterment of Bermuda then we will do the right thing. Our laws have served us well. We should not just change them for the sake of change.'' The Bank of Bermuda's bill is an attempt to seek exemption from the Island's law prohibiting foreign ownership above 40 percent in a local company.

The bank is seeking to get an exemption as a necessary step to a secondary listing on the Nasdaq stock exchange. Bank executives argue the listing would give the bank access to capital it needs for international development and help boost the share price. The bank is currently listed only on the Bermuda Stock Exchange.

Belco's bill is an attempt by the power utility to gain exemption from a rule limiting a company from holding equity in a local company.

Under the legislation only a company classified as "Bermudian'' can own shares in a local company. The legislation defines a "Bermudian'' company as one 80 percent or more owned by Bermudians.

The legislation is designed to prevent foreigners from gaining a controlling interest in a local company through cross holdings. Belco wishes to be exempt from this 80/20 rule so that its majority ownership of local telephone company Quantum Communications Ltd. is not jeopardised.

The bills put forward by the bank and Belco have been criticised as an erosion of Bermuda's legislation ensuring that foreigners don't hold controlling interests in the local economy.

Critics are worried that by passing the bills, Parliament would set precedents chipping away at protectionist policies and would open the gate for other local companies to seek such exemptions.

The third bill will give environmentalists -- if they can get enough MPs on their side -- another chance at stopping Bermuda Properties Ltd. from building on Ship's Hill, and elsewhere on the company's Tucker's Town land.

The fourth bill is an attempt to set up a proposed "people's bank'' in Bermuda to compete with the two established retail banks.

The Bermuda Properties bill is also controversial. If passed the bill would allow the company to sell or dispose of its Tucker's Town land.

When the foreign-owned company came into existence in 1958 Government placed restrictions preventing it from making a "disposition'' of its land. The restriction was put in place to prevent the company from selling the land.

Bermuda Properties has said the bill was necessary for the further development of the property. BPL is currently courting a foreign investment partner and needs the restriction lifted to close the deal.

The company plans on spending $65 million to build 13 houses with swimming pools, 13 two-storey town houses, a communal pool, four tennis courts and a water tank on Ship's Hill which is adjacent to the Marriott Castle Harbour Resort.

The Development Applications Board granted approval of the plan earlier this year over the objections of environmental group Save Open Spaces. Key to BLP's plan is the inclusion of foreign investor, merchant bank Donaldson Lufkin Jenrette, which with the company has signed a letter of intent.

Passage of the private bill would enable the setting up of a joint venture under which the land would be held by both BPL and Donaldson Lufkin Jenrette.

The charter bill for the First International Citizens' Bank of Bermuda is an attempt by businessman Andre Heyliger of Top Resources Ltd. to gain a banking licence.

Mr. Heyliger wants to open the bank next year.

He has said agreement in principle had been reached with an overseas partner, final contracts had still to be drawn up. The bill was first introduced by Irving Pearman who was Environment Minister at the time, and who now sits on the committee.

Mr. Heyliger sparked controversy when he claimed existing banks were using up their credit with existing personal and business customers by being out ot touch and out of date.

The new bank aims to compete against the Bank of Bermuda and Bank of Butterfield with full personal and business banking services and by appealing to Bermudians who feel they're not getting good service.

The major concerns about the proposed new bank are over whether its backers have enough capital and experience behind them to assure MPs that it will be able to operate without a danger of failing and hence losing depositors' savings.