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{
    "id": 863434,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/863434/?format=api",
    "text_counter": 312,
    "type": "speech",
    "speaker_name": "Isiolo North, KPP",
    "speaker_title": "Hon. Hassan Hulufu",
    "speaker": {
        "id": 13348,
        "legal_name": "Hassan Oda Hulufo",
        "slug": "hassan-oda-hulufo-2"
    },
    "content": "imposition of financial penalty stopped at the society as an institution, I think that is not fair. Therefore, the proposed amendment is quite in order. It goes beyond imposition of financial penalty on the society. It also talks about doing the same on directors under whose watch the violation of the provisions of the Societies Act has taken place, therefore, putting the savings of Kenyans in jeopardy. So, I see this as very important. We have seen SACCO Societies go under and hard earned savings of Kenyans being squandered by people who have been entrusted by Members to manage their savings. Therefore, this proposed amendment will tighten regulations of the SACCO Societies. It will also act as deterrence for the directors and SACCO Societies employees in the process of conducting business not to violate provisions of the Sacco Societies Act and other regulations put in place to guide their operations."
}