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{
    "id": 45816,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/45816/?format=api",
    "text_counter": 243,
    "type": "speech",
    "speaker_name": "Mr. Wako",
    "speaker_title": "The Attorney-General",
    "speaker": {
        "id": 208,
        "legal_name": "Sylvester Wakoli Bifwoli",
        "slug": "wakoli-bifwoli"
    },
    "content": "Mr. Deputy Speaker, Sir, I would like to, quickly, refer to Chapter 14 and just say that to hold a share is in itself like having a title deed. Therefore, the whole of that Chapter deals with ownership of shares. Shares can now be charged and redeemed. It is just like having a piece of land. These detailed provisions are not in the current Companies Act. Another important area for hon. Members to look at is Part 19, regarding financial statements, which have been captured in great detail. There is a distinction between a financial statement required in the case of a small company regime and the financial statement required in other companies, which do not qualify to be small companies. What is a small company? You will find the definition under Clause 347, which partly provides that the qualifying conditions are met by a company, in a year, which satisfies two or more of the conditions listed therein. The first condition is that the turnover should not be more than Kshs30 million. The second one is a statement of financial position of a total of not more than Kshs15 million, and thirdly the company must not have more than 50 employees. If you satisfy any two of those conditions, then you qualify to be a small company, and your regime is simpler. The procedures are also simpler for you. Mr. Deputy Speaker, Sir, the law has also created, in effect, a situation in which even the small companies can also have group companies. Now if the small companies are in a group called “the group of companies of all these companies” then the entire group would also be treated as small if it has:- (a) an aggregate turnover of not more than Kshs750 million net, or Kshs900 million gross; or, (b) an aggregate statement of the financial position totalling not more than Kshs375 million net or Kshs450 million gross; or, (c) an aggregate number of not more than 50 employees."
}