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{
    "id": 570456,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/570456/?format=api",
    "text_counter": 136,
    "type": "speech",
    "speaker_name": "Hon. Chepkong’a",
    "speaker_title": "",
    "speaker": {
        "id": 1154,
        "legal_name": "Samuel Kiprono Chepkonga",
        "slug": "samuel-kiprono-chepkonga"
    },
    "content": "having considered the nature of private companies that conduct business, the Bill considers that the mandatory requirement for a company secretary ordinarily hinders business. If you look at Clause 245 of the Bill, you will find that it provides that it is no longer mandatory for a private company with a share capital of less than Kshs5million to have a company secretary. However, this has been opposed seriously by the Institute of Certified Public Accountants of Kenya (ICPAK). They gave us a memorandum in which they stated very clearly that majority of the companies - 80 per cent - share capital is less than Kshs5 million. So, they have persuaded the Committee to recommend amendments to lower the threshold from Kshs5 million to Kshs1 million. The company that has a share capital of Kshs1 million would not require a company secretary. However, it is mandatory for any company that has a share capital of over Kshs1million to have a company secretary."
}