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{
    "id": 573958,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/573958/?format=api",
    "text_counter": 87,
    "type": "speech",
    "speaker_name": "Hon. Mbui",
    "speaker_title": "",
    "speaker": {
        "id": 1750,
        "legal_name": "Robert Mbui",
        "slug": "robert-mbui"
    },
    "content": "I want to address the issue of regulation of these companies. It is important to ask ourselves who the members of the companies are. This is the question that is asked many times and it is not very clear. The Bill defines members as subscribers to the memorandum and articles of association. They become members upon registration of these companies. Companies are also forced to keep a register of these members so that they can be open for scrutiny. The information they give relates to the names and addresses, the date of registration as members, the date the person stopped being a member, the shares they hold and the amount paid in shares that they hold. If there is any change to a register of the members of a company, this change must be registered with the Registrar within 14 days. Failure to do that is an offence that carries a fine of Kshs500,000. I think the most important thing to note here is that in the past we had very serious shadowy characters that have operated businesses even with the Government of this country but are impossible to trace the minute something goes wrong. There are situations where money has been lost and Kenyans, and in particular the offices that deal with public audit, have attempted to find out who these people are. When they get to the Registrar, they find that the files are missing and it is impossible to find out who the members and the directors are. I believe that this law now gives the Registrar power to have that information. Every company should keep its own register so that it is open to scrutiny by the public."
}