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{
    "id": 572986,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/572986/?format=api",
    "text_counter": 162,
    "type": "speech",
    "speaker_name": "Hon. Katoo",
    "speaker_title": "",
    "speaker": {
        "id": 199,
        "legal_name": "Judah Katoo Ole-Metito",
        "slug": "judah-ole-metito"
    },
    "content": "qualifications and how they should be appointed. However, my interest is that it has now made it mandatory that every public company will have, at least, one Company Secretary. Clause 244 says that a private company will not require a Secretary but it will be required to have one. The Bill now puts a condition that if the company has paid up capital of Kshs5 million or more, it would require a Company Secretary. Therefore, if you do not have that, you will not need to have a Company Secretary. Any person from the public who wants to communicate to the company can just write directly to the director or to the company itself. It is upon the company to identify who should be the recipient of correspondences. This provision ensures that a single member company, because as I said earlier on that this proposed Bill is now allowing for single member companies to be formed, with only one director or small companies will not be burdened with the cost of hiring a Company Secretary. We understand that company secretaries are highly qualified and very expensive. So, small companies may not be able to afford one. Therefore, they are saved from that cost, Hon.Temporary Deputy Speaker. It will therefore reduce the cost of running companies especially small or one-member companies."
}