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{
    "id": 721651,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/721651/?format=api",
    "text_counter": 279,
    "type": "speech",
    "speaker_name": "Hon. Wamunyinyi",
    "speaker_title": "",
    "speaker": {
        "id": 291,
        "legal_name": "Athanas Misiko Wafula Wamunyinyi",
        "slug": "athanas-wamunyinyi"
    },
    "content": "The purpose of the Bill is to provide for the use of movable property as collateral for credit facilities, to establish the office of registrar of security rights, to promote consistency and certainty in secured financing relating to movable assets, to enhance the ability of individuals and entities to access credit using movable assets and to establish registry to facilitate registration of notices relating to security rights in movable assets. Hon. Temporary Deputy Speaker, my understanding of the explanation given by the Mover is that it does attempt to put in place a framework for administration of the processes that I have just mentioned. Just like in any other Bill, in the various clauses that follow, this Bill deals with the preliminary issues. These are the clauses that provide for security rights, recognition and securing the agreement in writing. It seeks to put in place order by creating a framework for the processes related to finance and securities for movable assets. I agree with the Deputy Leader of the Minority Party, Hon. Jakoyo Midiwo. If you look at it, you will appreciate that this is a very important law. Unless it is understood well, it will go the same way that Hon. Jakoyo alluded to. As he said, there are very many laws. For example, it is only last week that we approved the Privatization (Amendment) Bill without any opposition. Not even a single Member said “no” to it even though the proposed amendments were undesirable. Nobody would like to see them go through. In the same way, this Bill carries very important laws that affect our livelihoods in terms of financial institutions, and so on. These are our financial securities and assets. It is about what we offer when we seek for some financing from banks and so on. Since this law will affect us, it is important that we are given time to understand it so that when we pass it, we understand what we have passed. Some clauses talk about serious issues like the rights and obligations of the parties involved, and third party obligors. When we talk about obligations of a person in possession to exercise reasonable care, how much care are we referring to in this Bill? The obligation of a secured creditor is to return the collateral or register an amendment or prepare a cancelation notice. But to what extent? These are issues that must be given careful analysis. Hon. Members need to be advised. If such an important law is passed by an empty House like this one, one will wonder whether this law actually went through this House or not."
}