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{
    "id": 722987,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/722987/?format=api",
    "text_counter": 89,
    "type": "speech",
    "speaker_name": "Hon. Katoo",
    "speaker_title": "",
    "speaker": {
        "id": 199,
        "legal_name": "Judah Katoo Ole-Metito",
        "slug": "judah-ole-metito"
    },
    "content": "“Before determining that a person is not suitable or proper to serve as a director or an officer of a SACCO society, the Authority shall give that person an opportunity to be heard”. Therefore, that person will not just be judged unheard. There will be an opportunity for that person to give his or her side of the story. Clause 4 of the new amendment in Section 50 proposes to give the Authority powers to prescribe the minimum standards on significant members of a SACCO society, including continuous professional development, courses, training and the certification necessary for one to serve as a director of a SACCO society. Hon. Speaker, it is a very brief Bill, but it is technical on financial matters and it will be good for Members to follow it keenly and give their input. Finally, Clause 5 seeks to amend Section 54 of the principal Act by requiring SACCO societies to exchange information on performing and non-performing loans as specified by the Authority from time to time. It is important that, that credit institution can really share information on performing and non-performing loans and this is in line with the provisions of the Banking Act. It is not something new. It is streamlining all banking laws so that they will be on the same page. This amendment differs from the current provision that requires the Cabinet Secretary (CS) to prescribe, in regulation, the manner and extent of exchange of information on non- performing loans. Currently, it is at the discretion of the CS. This amendment is removing that power from an individual and taking it to the Authority of the SACCO society."
}