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United States · Bill · S

S. 1423 (102nd)

Limited Partnership Rollup Reform Act of 1991

openUnited States· United States Congress· EN

Introduced

28 June 1991

Last action

3 June 1992 · Committee

Status

Committee on Banking. Committee consideration and Mark Up Session held.

Sponsors

Sen. Dodd, Christopher J. [D-CT], Sen. Riegle, Donald W., Jr. [D-MI], Sen. D'Amato, Alfonse [R-NY], Sen. Sanford, Terry [D-NC], Sen. Wirth, Timothy [D-CO], Sen. Bryan, Richard H. [D-NV], Sen. Bond, Christopher S. [R-MO], Sen. Mikulski, Barbara A. [D-MD], Sen. Simon, Paul [D-IL], Sen. Sarbanes, Paul S. [D-MD], Sen. Dixon, Alan J. [D-IL], Sen. Graham, Bob [D-FL], Sen. Kassebaum, Nancy Landon [R-KS], Sen. Robb, Charles S. [D-VA], Sen. Leahy, Patrick J. [D-VT], Sen. Inouye, Daniel K. [D-HI], Sen. Johnston, J. Bennett [D-LA], Sen. Wofford, Harris [D-PA], Sen. Lieberman, Joseph I. [ID-CT], Sen. Levin, Carl [D-MI], Sen. Domenici, Pete V. [R-NM], Sen. Brown, Hank [R-CO], Sen. Metzenbaum, Howard M. [D-OH], Sen. Mack, Connie, III [R-FL], Sen. Fowler, Wyche, Jr. [D-GA], Sen. Akaka, Daniel K. [D-HI], Sen. Hollings, Ernest F. [D-SC], Sen. Kohl, Herb [D-WI], Sen. Seymour, John [R-CA], Sen. Cohen, William S. [R-ME], Sen. Burns, Conrad R. [R-MT], Sen. Smith, Bob [R-NH], Sen. Kerry, John F. [D-MA], Sen. Adams, Brock [D-WA], Sen. Gore, Albert, Jr. [D-TN], Sen. Pell, Claiborne [D-RI], Sen. McCain, John [R-AZ], Sen. Craig, Larry E. [R-ID], Sen. Wellstone, Paul D. [D-MN], Sen. Cranston, Alan [D-CA], Sen. Burdick, Quentin N. [D-ND], Sen. Kerrey, J. Robert [D-NE], Sen. Harkin, Tom [D-IA], Sen. Jeffords, James M. [I-VT], Sen. Glenn, John H., Jr. [D-OH], Sen. Stevens, Ted [R-AK], Sen. Lugar, Richard G. [R-IN], Sen. Bingaman, Jeff [D-NM]

Subjects

Discovery layer

Source updated

26 August 2025

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Summary

Limited Partnership Rollup Reform Act of 1991 - Amends the Securities and Exchange Act of 1934 to revise proxy solicitation rules with respect to partnership rollup transactions (in which general partners combine several limited partnerships into one unit that trades on a stock exchange). Requires any proxy rules prescribed by the Securities Exchange Commission (SEC) to: (1) permit dissenting shareholders in a proposed rollup to contact other limited partners before the transaction date without first having to file a written proxy statement with the SEC; (2) prohibit any general partner from paying directly or indirectly any person providing solicitation services (a broker-dealer) on the basis of whether the solicitations either approve or disapprove the proposed transaction, or the compensation is contingent on the transaction's approval or completion; (3) require the issuer to provide to a shareholder (limited partner) a list of all limited and general partners involved in the proposed rollup; (4) require the rollup prospectus to be clear, concise, and understandable and summarize all effects of the proposed transaction, conflicts of interest, changes in voting rights and ownership interests, dissenters' rights, and other pertinent information; (5) provide that the soliciting material describe in reasonable detail any opinion, appraisal, or report that is prepared by a person, unaffiliated with the general partner or sponsor and received by the entity subject to the transaction or its affiliates and that is related to the proposed transition; (6) require that each prospectus be accompanied by an independent opinion on the rollup's fairness; and (7) give each shareholder at least 60 days to review the prospectus; and (8) contain such other provisions as the SEC determines necessary. Requires the rules of a national securities association to prevent association members from participating in any rollup transaction unless it protects the rights of dissenting limited partners, including: (1) the right to an appraisal and compensation, or to retain a security under the same terms as the original issue; (2) the right not to have dissenters' voting power unfairly reduced or abridged; (3) the right not to bear the costs of a rejected rollup; and (4) restrictions on the conversion of management profit-sharing interests and incentive fees into asset-based management fees. Requires a national securities exchange to prohibit the listing of any security resulting from a rollup transaction unless it provided for such dissenters' rights. Requires SEC rules to prohibit any national market system from trading any security resulting from a rollup transaction unless it provided for such dissenters' rights.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 28 June 1991

    Introduced

    Read twice and referred to the Committee on Banking.

    Source: IntroReferral

  2. 28 June 1991

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 3 June 1992

    Committee

    Committee on Banking. Committee consideration and Mark Up Session held.

    Source: Committee

Votes

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Versions

Documents

2 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN

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  • Introduced in Senate

    summary · EN · 28 June 1991

    Open at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

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Related records

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Sources

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