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{
    "id": 721664,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/721664/?format=api",
    "text_counter": 292,
    "type": "speech",
    "speaker_name": "Hon. Wamunyinyi",
    "speaker_title": "",
    "speaker": {
        "id": 291,
        "legal_name": "Athanas Misiko Wafula Wamunyinyi",
        "slug": "athanas-wamunyinyi"
    },
    "content": "Hon. Temporary Deputy Speaker, I agree that the House is properly constituted. Even Hon. Ababu Namwamba, who is a leader of one of the parties, came in and sought to speak. When you gave him a chance, he said he was catching his breath. He has now disappeared. He must be hovering around the House because he is a party leader. Anyway, the point I am trying to make is that on the rights and obligations of the parties involved and third party obligors; the Bill makes special reference to various clauses, including protection of data of receivables. This is a very important clause seeking to ensure that data is protected. It makes reference to protection and even qualifies it with “after notification of security rights and payments of receivables.” We need to look at this law carefully and push it through to its logical conclusion, but we must be given time to understand it clearly. It talks about the rights against depositary banks. If we are in business, and indeed we represent the business community out there; we must give this law due attention. I support this Bill since it seeks to facilitate the use of immovable property as collateral for credit facilities. This is a good idea for business development. Those who aspire to be entrepreneurs know that entrepreneurs who want to grow cannot grow without borrowing. The framework that has been provided by this Bill seeks to even establish the office of registrar of security rights and provide for registration of security rights in movable property and for related purposes. This will facilitate people who do not have fixed assets like land, but who have movable assets. Such persons can use the assets that they have if those assets are registered as security for purposes of securing financing. This Bill also has clauses for preliminary issues, including definitions. The definitions are given in Part I, as is normal with all Bills, and the details are given in the subsequent clauses, like the scope of applications of the proposed law, which is in Clause 4. It also provides for application of the Act. It includes every transaction that secures payments or performance of an obligation without limiting the generality of paragraphs, the chattel mortgage, credit purchase transactions, credit sale agreement, floating and fixed charges. With the exceptions that are given, this law should clarify the ambiguities that exist in financing and securities. Therefore, I support this Bill and seek to enlist support from other Members so that we can open up more avenues for business transactions in order to enable many people who would otherwise not be able to raise capital, have an opportunity to engage in business. With those few remarks, I support. 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."
}