ATLANTA -- PTL religious broadcasting corporation officers want to divide the ministry into two separate companies and allow PTL life partners a chance to qualify for stock in one of the companies, according to a published report.

The proposed plan would divide the ministry into two corporations, one nonprofit and the other profit-making, the Atlanta Constitution said in yesterday's editions.

The nonprofit corporation would produce a religious television show. Jerry Nims, chairman of PTL's executive committee, said the other would operate PTL's satellite network and develop its real estate holdings.

If implemented, the plan would place more than $100 million worth of land and buildings back on the tax rolls in Fort Mill, S.C., where PTL is located, the newspaper said.

Under the proposal, money from the for-profit company would go to support PTL charities, such as Heritage Home, a shelter for unwed mothers, and Fort Hope, a recovery center for alcoholics and so-called "street people."

The nonprofit company would be the major shareholder in the for-profit company, according to the proposal.

Nims said the plan also would guarantee some special status to PTL's "lifetime partners," individuals who have contributed $1,000 or more.

Nims said the partners would receive discounts on meals and hotel rooms at Heritage USA, and might qualify for shares of stock in the for-profit company. In the past, lifetime partners were permitted three nights' free stay annually at Heritage USA, but the ministry's new management said this was too costly.

PTL officials have until December to file the reorganization plan with the U.S. Bankruptcy Court. The PTL corporation, whose name stands for Praise the Lord or People That Love, filed for protection from its creditors under Chapter 11 of the federal Bankruptcy Act in June.

Bankruptcy court officials and the corporation's creditors have responded favorably to the proposal to reorganize PTL, Nims said.

One partners' group, the Association of PTL Partners, has claimed that its members' contributions entitle them to shares in the ownership of the current PTL corporation.

Nims and Falwell have rejected this argument, saying that the partners donated their money with no strings attached. In addition, Nims said that PTL's accounts show that lifetime partners made only about one-third of the total contributions to PTL, which he said amounted to about $600 million.

Meanwhile, Jim Bakker's parents agreed yesterday to a 50 percent reduction in the $17,000 salary each earns for greeting guests at the ministry's hotel, a PTL attorney said.

Raleigh and Furnia Bakker, in their eighties, met with PTL chief operating officer Harry Hargrave to discuss their pay, PTL attorney Faith Stalnaker said.

"I know they accepted about a 50 percent cut in pay," Stalnaker said. "The court has asked us to do this to trim our expenses. {The Bakkers} are amenable to this; they're comfortable with it.