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{
    "id": 345321,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/345321/?format=api",
    "text_counter": 718,
    "type": "speech",
    "speaker_name": "Mr. Kimunya",
    "speaker_title": "The Minister for Transport",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": " Madam Temporary Deputy Speaker, I beg to move that The International Interests in Aircraft Equipment Bill be now read a Second Time. Kenya is a signatory to the Convention on International Interests in Mobile Equipment otherwise referred to as the Cape Town Convention and the Protocol to the Convention of International Interests in Mobile Equipment on matters that are specific to aircraft equipment. The country has also ratified both the instruments which were deposited with the International Institute for the Unification of Private Law (UNIDROT) which is the designated depository on 13th October 2006. Madam Temporary Deputy Speaker, the main objective of the Convention is to facilitate asset based financing and leasing of high value mobile equipment and this Convention and Protocol establishes a commercially oriented comprehensive international legal framework relating to the creation, protection and enforcement of security and leasing interests in aircraft equipment. The Convention also establishes an electronic international registry of these mobile assets which will enable stakeholders to secure the interests in the assets they finance. The main purpose of this Bill is to domesticate the Convention on International Interests in Mobile Equipment and the Protocol on the Convention of International Interests in Mobile Equipment on matters that are specific to aircraft equipment that was signed by Kenya at Cape Town on 16th November 2001 and to basically give the Convention and Protocol legal effect within Kenya. It is a very straightforward Bill. Indeed, it is a one page Bill with the Protocol being attached. A protocol that Kenya has already signed has been deposited but we now needed to actually get it domesticated and the advantage of this is that the Bill will now basically include the requirement of registration of charges of aircraft objects that will be created after commencement of the Act because the same have already been registered at the international registry. So, it does not have to be registered and charged again. Madam Temporary Deputy Speaker, in addition, it also excludes from the requirement of registration of our instruments under the Shuttles Transfer Air Act aircraft objects created after commencement of the Act. The Bill further grants our High Court, the High Court of Kenya and the Court of Appeal the jurisdiction to determine matters under the Convention and Aircraft Protocol and any amendments which are binding on Kenya made on the Convention will be published in the Kenya Gazette as they take effect. Madam Temporary Deputy Speaker, this domestication of the Cape Town Convention will now enable Kenyan airlines to gain from reduced aircraft acquisition costs and Kenya Airways, for example, estimates that with the passage of this Bill, we could actually have aircraft financing reduced by approximately US$2 million per aircraft"
}