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{
    "id": 572971,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/572971/?format=api",
    "text_counter": 147,
    "type": "speech",
    "speaker_name": "Hon. Oyugi",
    "speaker_title": "",
    "speaker": {
        "id": 444,
        "legal_name": "Augostinho Neto Oyugi",
        "slug": "augostinho-neto-oyugi"
    },
    "content": "Clause 135 of the Bill also makes it very interesting; the fact that directors are not going to be all-towering on the various companies; that all the things that directors do willbe subject to scrutiny by various members of the company. The most interesting clause in this particular Bill is Clause 404, which provides for the alteration and consolidation of share capital. By special resolution dissolution of the members of the company, you are able to consolidate the share capital. But this particular consolidation is subject to the agreement by the creditors. However, the Bill provides that the courts can affirm the consolidation. It is allowed that there will be conversion of companies from private to public and public to private companies. This conversion is possible with the cancellation of shares. For example, if a public company cancels or reduces its shares, it is allowed to move from the regime of being a public company to a private company. The only condition that is required for this cancellation is that you need to lodge that with the Company Registrar, at least, one month after the conversion to show that since you have cancelled your shares, you want thereby to convert from being a public company to a private company. One of the best safeguards is the fact that subsidiary companies, whether private or public, are prohibited from financial assistance either directly or indirectly for purposes of acquisition of companies. If at all there is a company that is being acquired, if you are a subsidiary company, whether private or public, you are not allowed to give funds for that particular acquisition. This protects the various companies that are being acquired. The interest of a private or public company, therefore, cannot be buttressed in the acquisition because the subsidiary company will be free and fairly autonomous. 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."
}