Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Judiciary, to which was referred S.B. No. 1319, S.D. 1, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this bill is to replace Hawaii's Limited Partnership Act with a modified version of the 2001 Revised Uniform Limited Partnership Act.

Your Committee received testimony in support of this measure from the Department of Commerce and Consumer Affairs, the Commission to Promote Uniform Legislation, and two concerned individuals.

Your Committee finds this measure will effect consistency among various statutory provisions, and may promote economic development by recognizing limited liability limited partnerships as a form of business entity.

Your Committee has amended this measure by changing its effective date to July 1, 2050, to facilitate further discussion.

As affirmed by the record of votes of the members of your Committee on Judiciary that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1319, S.D. 1, H.D. 1, as amended herein, and recommends that it be referred to the Committee on Finance in the form attached hereto as S.B. No. 1319, S.D. 1, H.D. 2.