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{
    "id": 723042,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/723042/?format=api",
    "text_counter": 144,
    "type": "speech",
    "speaker_name": "Hon. Gikaria",
    "speaker_title": "",
    "speaker": {
        "id": 2489,
        "legal_name": "David Gikaria",
        "slug": "david-gikaria"
    },
    "content": "Clause 27(b) says that for a co-operative society to be incorporated or registered, it must get approval from the Authority. That is okay so that if you want to start a SACCO business, you must get an approval which will check some of the issues, particularly those of suitability. There are those who, in the past, have been involved in fraudulent activities in the banking industry or financial institutions. It is high time the Authority checked that. I have said that the checking of academic qualifications might not be in line and might be questioned legally or lawfully. If you look at the laws that we have amended, the latest being the Companies Act, we need to encourage many people to do business. At the same time, if you have to do this kind of business of taking depositors’ money and in the past you were engaged in unlawful business where some of your businesses have collapsed - like Chase Bank as Hon. Duale has said - and the directors are left to go scot-free--- We passed a law that the directors will be charged individually or collectively if they allow some unacceptable or unlawful business to continue in their institutions."
}