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{
    "id": 1285179,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1285179/?format=api",
    "text_counter": 528,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Chairlady. I want to thank Members for their contributions. For the comfort of my good friend, the Member for Thika, Clause 64 provides that the Cabinet Secretary will make regulations that will now operationalise this Act of Parliament. It will not be possible to capture everything in an Act of Parliament. We do regulations after that through the Statutory Instruments Act, so that would capture the time aspect. However, considering the debate this proposed amendment has elicited, I will consider an amendment to this clause to have the duration of time that the money will stay in the special bearing account so that proceeds of privatisation do not stay in a private bank for so long without being accessed by Government for other expenditures through the Consolidated Fund Services. Having said that, Member for Funyula, Dr. Oundo, if I may read the same words: \"The special interest-bearing account established…\" It would have been established for that particular purpose or privatisation. It is not necessarily an account of that particular entity. It has been established for privatisation. Allow me to move a further amendment to this entity to read as follows: “Any proceeds from the sale of a public entity's shareholding shall be deposited in a special interest-bearing account established for that public entity to protect the erosion of the balance sheet of the public entity.” The same would be credited to the Consolidated Fund. We have said three months after the proceeds have been received."
}