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{
    "id": 575939,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/575939/?format=api",
    "text_counter": 77,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Thank you, hon. Deputy Speaker. I beg to move that the Companies and Insolvency Legislation (Consequential Amendments) Bill (National Assembly Bill No. 25 of 2015) be now read a Second Time. Hon. Deputy Speaker, the enactment of the Companies Act 2015 and the Insolvency Act 2015 will consequently amend other related legislations. So, this Bill makes those consequential amendments to the other related Acts. That is why you see this Bill has no memoranda. It is keeping with the practice of making minor amendments which do not merit the publication of a separate Bill. It consolidates them into one Bill. Clause 1 of the Bill sets out the Short Title and the commencement of the proposed Act. Clause 2 proposes to amend the Records Disposal Act. So, this Bill amends a number of Acts. It is trying to harmonise them with the Insolvency Bill, 2015 and the Companies Bill that we passed yesterday. The first one is that it amends the Records Disposal Act to harmonise it with the provisions which are in the new Companies Act, 2015, by deleting the words “Companies Act Cap. 4486 Section 382” which are appearing in the Schedule in relation to the Registrar of Companies. Clause 3 of this Bill proposes to amend the Advocates Act. This is to harmonise them with the provisions found in the Insolvency Act that has gone through the Second Reading this afternoon. It aims to delete the invalid agreements listed under Section 46 of this Insolvency Act, 2015, which invalidates such agreements. Clause by clause, this Bill deals with a certain piece of law or an Act that must be harmonised with the Insolvency Act, 2015 or the Companies Act 2015. Clause 4 of the Bill again proposes to amend what is referred to as the Chattels Transfer Act. This provides for unregistered instruments to be void in certain cases. Such instruments have to be registered now by the Official Receiver. Clause 5 of the Bill proposes to amend the Arbitration Act that gives effect to bankruptcy on any agreement and to settle the differences that occur as a result of a process of arbitration. This process has well been taken care of in the Companies Act, 2015 that the House is awaiting to deal with in the Committee of the whole House. Clauses 6 and 7 propose to amend the Prevention of Fraud (Investments) Act which deals with bankruptcy. It also talks about how trustees would recover from a guarantor a total sum that ultimately will become payable. This, again, has been covered in the Insolvency Act, 2015. Clauses 8 to 22 of this consequential Bill that deals with Insolvency Act and Companies Act propose to amend the Societies Act. 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."
}