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{
    "id": 570558,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/570558/?format=api",
    "text_counter": 238,
    "type": "speech",
    "speaker_name": "Hon. Oyugi",
    "speaker_title": "",
    "speaker": {
        "id": 444,
        "legal_name": "Augostinho Neto Oyugi",
        "slug": "augostinho-neto-oyugi"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker, for this chance to speak on the Companies Bill. I would like to start by telling my very good sister, Hon. Millie Odhiambo, that the case of Salomon versus Salomon & Company Limited was partly the cause of the uplifting of the Companies Bill. Companies used to operate in some form of mystique. It is good that we do away with it in this particular Bill. This Bill is very radical, starting with Part VIII, which creates unlimited liabilities. It then creates various distinctions on what could be companies. I like the particular distinction of companies limited by guarantee from companies limited by shares. There is a specific distinction in terms of the memorandum of articles. For a company limited by guarantee, you will require a different set of a memorandum of articles whereas for a company limited by guarantee, you just need a statement of guarantee. That is a clear distinction between what we previously had and what this particular regime of laws is bringing. So, it is not possible to just cut and paste the various memoranda of articles as it was previously done whether you wanted to register a company limited by guarantee or a company limited by shares. Therefore, that creates a clear distinction. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}