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{
    "id": 573930,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/573930/?format=api",
    "text_counter": 59,
    "type": "speech",
    "speaker_name": "Hon. (Eng.) Gumbo",
    "speaker_title": "",
    "speaker": {
        "id": 24,
        "legal_name": "Nicholas Gumbo",
        "slug": "nicholas-gumbo"
    },
    "content": "Clear and simplified definitions and meanings for all the terminologies used in the Bill should be provided in Clause 3. In particular, I am of the view that clear definitions should be provided for the following: “private company, private limited company, limited company, public company, public limited company and limited private company”. A clear meaning of the term “quasi-loan” should also be provided. The meaning and distinction between shares and stocks should be explained. The meaning of “nominal value of shares, equity securities, treasury shares and subscribers of memorandum” should be stated. Even simple terms like “mergers, asset, liability, share premiums, creditors, debtors, solvency statement, lien, residual interest, off- market purchase, debenture, probate, redeemable shares, perpetual debentures, trust deed, floating charge” and “convertible securities” should be clearly defined. Terms such as “squeezing” which are described in the Bill should clearly be defined as to what they mean. “Sell-out, quoted and unquoted company, publication, liability limitation agreements, unregistered companies, securities, traded companies” and distinctions between a traded company and a listed company should be very clear if we are to flatten the barriers to entry. These are terms which for professionals in management science may look obvious. However, we would be lying to ourselves if we said that only those people who have knowledge of management science and a background in business or business oriented courses should engage in entrepreneurship, company formation and ownership of companies in general."
}