[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2996 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 2996

 To amend the Securities Exchange Act of 1934 to revise the definition 
               of limited partnership rollup transaction.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            November 9, 1997

 Mr. Kennedy of Massachusetts introduced the following bill; which was 
                 referred to the Committee on Commerce

_______________________________________________________________________

                                 A BILL


 
 To amend the Securities Exchange Act of 1934 to revise the definition 
               of limited partnership rollup transaction.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Partnership Rollup Efficiency Act''.

SEC. 2. REVISION OF DEFINITION.

    Section 14(h)(5) of the Securities Exchange Act of 1934 (15 U.S.C. 
78n(h)(5)) is amended--
            (1) by striking ``or'' at the end of subparagraph (E);
            (2) by striking the period at the end of subparagraph (F) 
        and inserting ``; or''; and
            (3) by adding at the end the following new subparagraph:
                    ``(G) any combination (whether by sale or transfer 
                of assets, transfer of partnership interests, or 
                otherwise) of--
                            ``(i)(I) a single limited partnership, or
                            ``(II) multiple limited partnerships whose 
                        real estate assets consist solely of partial 
                        interests in the same property, with
                            ``(ii) an unaffiliated issuer of 
                        securities,
                where such combination is not conditioned upon the 
                completion of any other acquisition transaction, in 
                exchange for securities (or a combination or 
                alternative offer of securities and cash), if the 
                securities issued in the combination to the limited 
                partners in the combining partnership or partnerships 
                represent 10 percent or less of a class of securities 
                that is, or will be upon notice of issuance, listed on 
                the New York Stock Exchange or American Stock Exchange 
                or the National Market System of the Nasdaq Stock 
                Market (or any successor to such entities) and are part 
                of a class of securities so listed for a year or 
                more.''.
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