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{
    "id": 575965,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/575965/?format=api",
    "text_counter": 103,
    "type": "speech",
    "speaker_name": "Hon. (Dr.) Pukose",
    "speaker_title": "",
    "speaker": {
        "id": 1458,
        "legal_name": "Robert Pukose",
        "slug": "robert-pukose"
    },
    "content": "out insurance business and places restrictions on insurers providing financial accommodation on security of their own shares. This protects the members because you will find that there are insurers operating in that area where they are not restricted. This consequential amendment restricts that so that we do not have quacks within the insurance sector. Clauses 98 to 123 of the Bill propose to amend the Co-operatives Societies Act to harmonize it with the Companies Act to specify that members’ shares are not subject to attachment. This provides for liquidation of co-operative societies, for the court to set aside transactions that are undervalued to avoid preference, to set aside extortionate credit transactions and to amend the Act in relation to changes to be registered with the commissioner. This protects the members’ shares. With those few remarks, I support the Companies and Insolvency Legislation (Consequential Amendments) Bill."
}