STAND. COM. REP. NO. 616
Honolulu, Hawaii
, 2001
RE: S.B. No. 1079
S.D. 1
Honorable Robert Bunda
President of the Senate
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Sir:
Your Committee on Commerce, Consumer Protection and Housing, to which was referred S.B. No. 1079 entitled:
"A BILL FOR AN ACT RELATING TO LIMITED LIABILITY PARTNERSHIPS,"
begs leave to report as follows:
The purpose of this measure is to correct errors and clarify ambiguities in the limited liability partnership (LLP) law.
The Commissioner of Securities testified in support of this measure.
This measure corrects or clarifies language in provisions of the LLP law relating to partnership name, statement of qualification, cancellation of LLP status, and foreign LLPs. These amendments will provide clearer guidelines for LLPs and make Hawaii's law more consistent with uniform business laws.
Your Committee has amended this bill by:
(1) Deleting language amending section 425-168, Hawaii Revised Statutes, because amendments to this section are more comprehensively addressed in S.B. No. 1076, S.D. 1, a measure earlier approved by your Committee; and
(2) Making technical, nonsubstantive amendments for clarity and to reflect preferred drafting style.
As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection and Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1079, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1079, S.D. 1, and be placed on the calendar for Third Reading.
Respectfully submitted on behalf of the members of the Committee on Commerce, Consumer Protection and Housing,
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____________________________ RON MENOR, Chair |
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