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{
    "id": 248410,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/248410/?format=api",
    "text_counter": 323,
    "type": "speech",
    "speaker_name": "Mr. Muturi",
    "speaker_title": "",
    "speaker": {
        "id": 215,
        "legal_name": "Justin Bedan Njoka Muturi",
        "slug": "justin-muturi"
    },
    "content": "Thank you, Mr. Temporary Deputy Speaker, Sir. From the outset, I rise to support this Bill. I agree with the objectives contained in it. In my view, it introduces three very important clauses apart from the addition of the word or title \"administrator\" to \"managers and custodians.\" Clause 2 of the Bill defines \"trust corporation\" as a company incorporated under the Companies Act, having a subscribed capital of not less than Kshs10 million and which is for the June 6, 2006 PARLIAMENTARY DEBATES 1143 time being empowered (by/or) under any written law, its charter, memorandum of association, deed of settlement or other instruments constituting it or defining its powers to undertake trust.\" When you look at that particular definition of a trust corporation, it is very good. This is because it sets out the minimum share capital. It appreciates the tasks that it is likely to engage in, within the Retirement Benefits law, are such that they need adequate security because they will be engaging in the administration or management of funds which have been deducted from toiling employees of various organisations and/or persons."
}