Amends the Securities Exchange Act of 1934 to exclude from the definition of limited partnership rollup transaction any combination of a single limited partnership or multiple limited partnerships whose real estate assets consist solely of partial interests in the same property, with an unaffiliated issuer of securities. States that such a 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 ten 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.
[Congressional Bills 105th Congress]
[From the U.S. Government Printing 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.''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Commerce.
Referred to the Subcommittee on Finance and Hazardous Materials.
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