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{
    "id": 740531,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/740531/?format=api",
    "text_counter": 125,
    "type": "speech",
    "speaker_name": "Hon. Onyura",
    "speaker_title": "",
    "speaker": {
        "id": 12833,
        "legal_name": "Michael Aringo Onyura",
        "slug": "michael-aringo-onyura"
    },
    "content": "Hon. Speaker, that is interesting. Members are never absent. They are doing other useful activities for this nation. I support this Bill and thank those who have taken their time to go through the principal Bill which, as many of us saw when it was tabled, was really voluminous with several pages. I am not surprised that maybe as part of cleaning up, we have quite a number of pages that are amending the same. It is a good thing. It is timely. Looking at it, I have noted that it is mainly cleaning up areas that had typos, repetitions, overlaps and more importantly, issues of definition. We know that ambiguities can bring a lot of problems and misunderstanding. I have been following the arguments about the East African Legislative Assembly (EALA). Some of the problems are related to interpretation. It is important that whenever such are seen, the shortest time is taken to clarify and even minimise those ambiguities. This is a Bill that is very important to the economic activities, commerce and trade in our country. In the preamble or explanatory notes, there is an endeavour to ensure that the Bill conforms to all the laws, the Constitution, global trends and best practices and as I have said, removal of ambiguities. I have also noted that the Bill seeks to improve certain provisions regarding director’s liabilities for example, disclosures that are required to be made by the various parties, remedies to shareholders and the net effect. What is important is that it eases doing business in this country and creates a better environment. With all this cleaning up, it ends up being a much better and user-friendly document than what it was. I noted a clause that provides and makes it easier for conversion of companies for example, converting from public to private and vice versa and from limited to unlimited and viceversa . All this will make it much easier for those who are running companies. Definitions are being made clearer. The definitions of a company secretary and of companies limited by guarantee have been improved. I can also see emphasis in this Bill with regard to improvement of transparency through the disclosures of accountability. I also note that there is requirement on the way records should be kept and the manner they should be kept, including even the length. I have noted there is an amendment to require that company minutes be kept for at least seven years so that it conforms to other related regulations and policies."
}