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{
    "id": 740519,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/740519/?format=api",
    "text_counter": 113,
    "type": "speech",
    "speaker_name": "Hon. (Dr.) Nyikal",
    "speaker_title": "",
    "speaker": {
        "id": 434,
        "legal_name": "James Nyikal",
        "slug": "james-nyikal"
    },
    "content": "Clause 12 indicates that there has to be clear declaration to avoid conflict of interest when dealing with matters of the company. Again, this is something which has been a major problem. The principle of conflict of interest has been abused and ignored to the extent that in some places it looks like there is nothing like conflict of interest. Therefore, bringing it in law is something which is necessary. If you look at the class of shareholders prior to this law coming into effect and now being amended in this Bill, the directors had the power to vary the holdings and values of the class of shareholders without their approval. In Clause 25, this is now dealt with and their approval has to be sought."
}