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{
    "id": 722985,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/722985/?format=api",
    "text_counter": 87,
    "type": "speech",
    "speaker_name": "Hon. Katoo",
    "speaker_title": "",
    "speaker": {
        "id": 199,
        "legal_name": "Judah Katoo Ole-Metito",
        "slug": "judah-ole-metito"
    },
    "content": "The amendment contained in Clause 2 inserts sections and New Clauses 27A and 27B into the Bill. It seeks to prescribe words that shall be used as part of the business name of a SACCO society licence to undertake deposit-taking business. These words include “Deposit- Taking SACCO” (DTS). That tells you that, that is a SACCO that is licensed to undertake deposit-taking and any of its derivatives. The proposed new clause and Sub-clause 3 proposes that all existing deposit-taking SACCO societies comply with the above mentioned requirement for change of business name within 12 months of the commencement of DTS. If the existing SACCOs are deposit-taking, they must comply with that requirement within 12 months from the commencement of this new section. The amendment further proposes that SACCO Society Regulatory Authority, referred in the Act as ESDA Authority, must approve registration or incorporation of co-operative societies as DTS. On registration or incorporation, the co-operative society is required to obtain a licence from the authority within one year of such registration or incorporation. To avoid members getting losses or their savings being misappropriated, such a regulation is necessary. Instead of operating quacks or unregistered societies, the Authority is given powers to ensure that every 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."
}