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{
    "id": 1495548,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1495548/?format=api",
    "text_counter": 432,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": "Part IV of the Bill provides for the registration of cooperatives. It includes the procedure for registration, restriction of registration of cooperatives within the same common bond, and limitation on names of cooperatives. That is critical. For instance, we have seen what happens with the PACOSO. At times, instead of drawing your cheque to the Parliamentarians Cooperative Society, you draw the cheque in favour of PACOSO. An ingenious person then registers PACOSO Cooperative or PACOSO Society and steals cheques belonging to the Parliamentarians Cooperative Society, which are banked in PACOSO Society. We have seen that. Many Kenyans and cooperative societies have been swindled through such ingenuity of criminal elements. Therefore, there will be limitations even on the names of cooperatives that you can register. You will not be allowed to register a name that is strikingly similar to another name. That is the kind of regulation that happens in the banking sector, and even in the insurance industry. That prudent financial management is now being brought into the cooperatives sector because the cooperative movement deals with people's finances. Therefore, there must be stringent regulations in terms of registration and who can register. It cannot be that any person can wake up on any day, form a cooperative society, collect money from people in terms of deposits, then three months down the line, they disappear with people's deposits. That will not be possible under this new law."
}