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{
    "id": 1495594,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1495594/?format=api",
    "text_counter": 478,
    "type": "speech",
    "speaker_name": "Masinga, Independent",
    "speaker_title": "Hon. Joshua Mwalyo",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker, for allowing me to air my views. I am a Member of the Departmental Committee on Trade, Industry and Cooperatives and we have done a good job on this Bill. One thing which I have seen is going to heal the cooperatives is the time limit for holding office to two years or three terms. People have been taking cooperatives as their own properties. They do not leave the offices. They take big loans and continue to stay in office. Another thing we have done is that when the directors are elected, they will deposit bonds in the cooperatives where they are being elected. This is so that in case they have defaulted or mismanaged the funds, the bond will pay whatever they have taken and have not accounted for. Another very important thing is that the Bill has introduced an insurance whereby whoever is taking the loan, in case of demise, the insurance will pay those liabilities and cover the cooperatives so that the cooperatives do not incur losses. Another thing which is very important is that once a person ceases to be a member of the cooperative, you can only bring your claim before two years elapse. After the two years have elapsed, you cannot bring any claim. The claim will cease and no one will listen to you if this Bill passes. With the surplus money that cooperatives have, they will be able to invest in liquid assets, so that they do not have floating cash that will give people the idea to apply for loans. Even the directors may be tempted, but if the money is in liquid assets, there is no way they can borrow that money. Another important thing is that a cooperative shall pay dividends only when it has been given that mandate by a general meeting of the members. It is not for the board to decide whether they will pay dividends of Ksh10 or Ksh20. That decision should be sanctioned and passed in an annual general meeting. The Bill has good measures that will curtail people who have been misusing the cooperatives. Cooperatives keep the little savings that people get from their small incomes in the villages, farms, and from whatever they sell in their areas. The Bill will cure the misuse of"
}