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{
    "id": 1154484,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1154484/?format=api",
    "text_counter": 701,
    "type": "speech",
    "speaker_name": "Moiben, JP",
    "speaker_title": "Hon. Silas Tiren",
    "speaker": {
        "id": 2364,
        "legal_name": "Silas Kipkoech Tiren",
        "slug": "silas-kipkoech-tiren"
    },
    "content": "(2) Despite subsection (1), a coffee cooperative society shall not lend to farmers on interest.” (b) in section 44— (i) by numbering the existing provision as subsection (1); (ii) by inserting the following new subsections— (2) The interest rate on borrowing by factory management against growers’ assets held in trust by coffee co-operative societies shall be capped at five per cent per annum. (3) A factory or society shall not contract any loans or advances under subsection (1) except with the support of a resolution in an Annual General Meeting passed by a majority of the growers to that effect.” The proposed consequential amendments to the Cooperative Societies Act seek to align the Act to the Bill’s proposed New Clauses 54C and 54D. Thank you."
}