Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 572981,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/572981/?format=api",
    "text_counter": 157,
    "type": "speech",
    "speaker_name": "Hon. Katoo",
    "speaker_title": "",
    "speaker": {
        "id": 199,
        "legal_name": "Judah Katoo Ole-Metito",
        "slug": "judah-ole-metito"
    },
    "content": "The old law which this proposed Bill tries to modernise provided that a company should have a minimum of two members before incorporation. However, this proposed Bill allows for what is called one member companies. Section 4 (1) of the Companies Act Cap 486 of the Laws of Kenya requires that public and private companies can be formed when there is a minimum of seven persons and two persons respectively. However, this proposed Bill talks about two people for public companies and one person for a private company. Therefore, it allows the one member companies as a way of simplifying how to do business in terms of formation. This is because what has been a headache in investment in this country is that it takes a lot of time to form companies or business entities. The time it takes for approval is too long. There are very many stages that one needs to go through. That is the bureaucracy that this proposed Bill is trying to minimise or reduce and make it more competitive."
}