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{
    "id": 232800,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/232800/?format=api",
    "text_counter": 283,
    "type": "speech",
    "speaker_name": "Mr. Kimunya",
    "speaker_title": "The Minister for Finance",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": " Mr. Temporary Deputy Chairman, Sir, I beg to move:- THAT, Clause 19 of the Bill be amended - (a) by deleting subclause (2) and substituting therefor the following new subclause \"(2) A person who holds more than 25 per cent of the shares of a deposit-taking business existing at the commencement of this Act, which he makes on application for a licence pursuant to Section 49, shall- (a) comply with the requirements of subsection (1) within four years of the November 28, 2006 PARLIAMENTARY DEBATES 3969 business being licensed; and (b) present a plan of action for the reduction of the shareholding at the time of application for the initial licence of the business is made. (b) in subclause (4), by deleting the word \"Minister\" and substituting therefor the words \"Central Bank\". Mr. Temporary Deputy Chairman, Sir, the rationale for this amendment is to clearly specify the transitional period allowed for the microfinance institutions to meet the minimum shareholding per person at 25 per cent as well as harmonising the provision for approval of the share transfer with that in the Banking Act."
}