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{
    "id": 1152380,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1152380/?format=api",
    "text_counter": 127,
    "type": "speech",
    "speaker_name": "Sen. Poghisio",
    "speaker_title": "The Senate Majority Leader",
    "speaker": {
        "id": 202,
        "legal_name": "Samuel Losuron Poghisio",
        "slug": "samuel-poghisio"
    },
    "content": "The Bill has a total of nine clauses as follows: Clause one of the Bill is a short title; Clause two of the Bill amends the Act to align the definition of the term Minister to now Cabinet Secretary. Clause three of the Bill amends Section Four of the Act to provide that the person shall not be qualified for appointment as a member of the Board of the SACCO Societies Regulatory Authority, if the person is a Member of Parliament (MP) or Member of County Assembly (MCA), or is one who does not meet the requirements of Chapter Six of the Constitution of Kenya 2010. Clause 4 of the Bill seeks to amend Section 20 of the Act, to provide that Savings and Credit Co-operative Organization (SACCO) Societies Regulatory Authority shall submit its statement of income, expenditure, assets and liabilities to the Auditor-General and not to the Controller of Budget, in line with this Constitution. The amendment also seeks to make reference to the correct citation of the Public Audit Act. Clause 5 of the Bill seeks to amend Section 24 of the Act, to require an application made by a SACCO society intending to transact deposit-taking business, to be accompanied by evidence that the SACCO society meets the minimum capital requirements prescribed in the Regulations. Clause 6 of the Bill seeks to amend Section 27 of the Act, to among other things, provide that the registration of a SACCO society and the license of which is revoked under the provisions of the Act, shall be cancelled in accordance with Section 62 of the Co-operative Societies Act. Clause 7 of the Bill seeks to amend Section 45 of the Act, to make reference to the correct citation of the Companies Act. Clause 8 of the Bill seeks to amend Section 51 of the Act, to provide that where the SACCO Societies Regulatory Authority determines that a SACCO society conducts its business in a manner contrary to the provisions of the Act, or any regulation made thereunder, or any other Act, or in any other manner detrimental to or not in the best interest of its members, or members of the public, or a SACCO society is under- capitalized, the Authority shall impose financial penalties on the societies or any officer, director, committee member, employee or agent of the society for such amounts as may be prescribed through these Regulations. Clause 9 of the Bill seeks to amend the Act by inserting a new section; to provide that the Authority may establish and operate an electronic filing system for the purposes of electronic filing of statutory returns and amendments or other information required to be furnished to the Authority under the Act or any other written law. As I conclude, I urge hon. Senators to consider and pass this important Bill, in order to ensure faster, efficient and accurate reporting, monitoring and analysis of SACCOs financial status at any time by embracing Information and Communication Technology (ICT). Mr. Speaker, Sir, with those few remarks, I beg to move and request Sen. Pareno to second. I thank you."
}