Thank you, Mr. Chairman. The proposed bill to amend the Partnership Act has three purposes.
Firstly, this bill would amend the act to allow limited partnerships that come from other jurisdictions to carry on business in the Northwest Territories. Our current legislation does not address this question. By recognizing these partnerships, we can ensure that business investments are not discouraged because of the uncertainty. At the same time, people dealing with these partnerships would be suitably protected.
Secondly, it is proposed that documents for partnerships would be registered at the companies registry instead of at the document registry. This change makes sense since all other registrations in the document registry, except for partnerships, involve interests in property. All other business registrations are dealt with at the companies registry. This change also fits in with the plans of the department to replace the document registry with a personal property security registry which would deal only with property interests.
Finally, some minor problems with the act would be cleared up. For example, the period of six months now allowed for the registration of ordinary partnerships will be shortened to 60 days and the requirements for registration when a partnership or other business dissolves or is no longer using a particular name will be clearer.
An early draft of the bill was circulated to those dealing most often with business enterprises and suggestions from those who responded were included in the draft bill which was tabled last spring. The Standing Committee on Legislation considered the tabled bill and their report was favourable. The only changes between the bill which was introduced and the tabled bill are technical drafting changes, most of which are changes to the French version of various sections of the act to make the language more consistent throughout this act and with other acts.
I would be pleased to respond to any questions or comments from Members and look forward to receiving the Members' support for this proposed bill. Thank you, Mr. Chairman. If there are any questions, I would ask to have my witnesses come and join me.