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{
    "id": 851326,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/851326/?format=api",
    "text_counter": 245,
    "type": "speech",
    "speaker_name": "Nominated, ANC",
    "speaker_title": "Hon. Godfrey Osotsi",
    "speaker": {
        "id": 13172,
        "legal_name": "Godfrey Osotsi",
        "slug": "godfrey-osotsi"
    },
    "content": "Let me go to the substance of various amendments starting with the SACCO Societies Act. This amendment, as expressed by other Members, seeks to introduce a special class of members called the social impact members. It is not clear who are they are. It borrows the definition from the Co-operative Act. This amendment must be very specific on who are these social impact members who are supposed to contribute towards the special fund. Most surprisingly, it talks about the creation of the investment committee that will determine the amount of contribution into the special fund. I want to believe this is a very important committee. However, the membership of this committee comprises people who are not members of the parent SACCO society. They are outsiders. This is a scenario where we have a SACCO and then you create an investment committee of people who may not have large interest or stakes in a co- operative society and they will come in and basically manage the special fund. It is unacceptable. The proposed law also insists that the membership to this investment committee must hold degrees in areas like economics, finance, law and SACCO operations. It might be very difficult for some SACCOs, for example, boda boda SACCOs to finance these people who will sit in the investment committee. It will be an extra cost to some of the SACCOs. Who is going to fund the operation of this investment committee? It is the members. If it is the members then, I do not see the reason we need to have an investment committee while at the same time, the amendment also proposes special fund trustee who performs almost the same function as the investment committee. It is creating some duplication in terms of the functions of the investment committee and the special fund committee whose role is basically to manage the special fund. We need to look at this area keenly at the Committee of the whole House stage so that we do not overburden SACCOs with additional organs which could be very expensive to manage."
}