{"id":570456,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/570456/?format=json","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."}