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{
    "id": 1154078,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1154078/?format=api",
    "text_counter": 295,
    "type": "speech",
    "speaker_name": "Moiben, JP",
    "speaker_title": "Hon. Silas Tiren",
    "speaker": {
        "id": 2364,
        "legal_name": "Silas Kipkoech Tiren",
        "slug": "silas-kipkoech-tiren"
    },
    "content": " I beg to move: THAT, the Bill be amended by deleting Clause 48 of the Bill and substituting therefor the following new Clause— Application as coffee exchange. Cap. 485A. 48. (1) A person shall not carry on the business of a coffee exchange unless the person has applied for approval and has been licensed as a Coffee Exchange by the Authority in accordance with the Capital Markets Act. No. 17 of 2015. (2) The Exchange shall be a body corporate, registered under the Companies Act. (3) The functions of the Exchange shall be to— (a) manage the auction floor, the central sample room and the information registry; (b) maintain records relating to coffee sales, coffee samples and sweepings; (c) avail sales catalogues to interested parties in accordance with the Capital Markets Act; and (d) carry out such other function as the Cabinet Secretary for the time being responsible for matters relating to finance may prescribe. (4) The funds of the Exchange shall consist of— (a) auction levy; (b) registration fees payable by a coffee buyer, a roaster, a grower miller or broker; (c) government grants and donations made to the Exchange; (d) any interest from fixed deposits; (e) monies from a source approved by the Exchange; and (f) sample fee. The proposed amendment clarifies that the Cabinet Secretary responsible for matters relating to finance will make regulations governing operations of the Exchange. Further, the proposed deletion of Clause 4 arose from comments received from stakeholders opposed to the direct settlement system. Lastly, the amendment seeks to provide for sources of funds for the Exchange. Thank you, Hon. Temporary Deputy Chairman."
}