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{
    "id": 1105150,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1105150/?format=api",
    "text_counter": 328,
    "type": "speech",
    "speaker_name": "Homa Bay CWR, ODM",
    "speaker_title": "Hon. (Ms.) Gladys Wanga",
    "speaker": {
        "id": 590,
        "legal_name": "Gladys Atieno Nyasuna",
        "slug": "gladys-atieno-nyasuna"
    },
    "content": " Thank you, Hon. Deputy Speaker. Hon. Ochieng’ is gesturing in a manner like he wants to whip somebody. I do not know who that person is. As I was saying, the country has been in a situation where we have been looking for ways and means of ensuring that there is enough capital or money circulating within the country. One of the ways through which you can have money around and no capital flight is by ensuring that we make laws that facilitate the establishment of trusts. Our current system of registration of trusts is long and tedious. You can file for registration of a trust and it can take three or five years before it is registered. That has discouraged many of our people from venturing into this, otherwise, very important area. This Bill seeks to amend the Trustees (Perpetual Succession) Act Cap. 164 in order to enable accumulation or generational of wealth for the benefit of multiple generations. In the current system, wealth does not last beyond a single generation. If you have wealth, it is only likely that your children will probably exhaust the wealth before it gets to your grandchildren. The Bill makes provision and defines the various types of trusts, including charitable trusts, non-charitable trusts, purpose trusts and so on. Additionally, it makes new provision for enforcers of a trust. The Bill proposes to amend the provision on incorporation of trustees to recognise that trusts are registered with the Principal Registrar of Documents and not the Cabinet Secretary (CS). The CSs are very busy and have a lot on their desks. If you make registration of trusts a matter that has to go and receive consent of the CS, then you are likely to take the three years that trusts are taking to be registered. The Bill provides for creation of trusts with specific purposes, notwithstanding the absence of a beneficiary. It also provides for express revocation process where such trusts contain express The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}