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{
    "id": 981981,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/981981/?format=api",
    "text_counter": 382,
    "type": "speech",
    "speaker_name": "Sen. Pareno",
    "speaker_title": "",
    "speaker": {
        "id": 13180,
        "legal_name": "Judith Ramaita Pareno",
        "slug": "judith-ramaita-pareno"
    },
    "content": "was meant for people to come together to invest and for prosperity, but for a long time thereafter, we ended up having these co-operative societies failing. There was a lot of squandering of people’s money. Madam Temporary Speaker, there was a time I was acting for a co-operative society, and every other day, they were being sued left, right and centre by their members. Most of them were trying to withdraw. In fact, I have personally represented several people withdrawing from co-operative societies because it was no longer valuable for them. As they withdrew, you would even give them the requisite notice that a certain person is withdrawing within the provisions of the by-laws, could they release the deposits of that particular individual? It takes an individual whose money is lying in those corporative societies to go to court for them to get their amounts refunded in many of those societies. I do not want to say all of them. I am saying this because, as I said, I represented quite many members of societies trying to get back the money that they deposited with the societies. Madam Temporary Speaker, I understand that with these amendments, we are cushioning the members of SACCOs from any losses by coming up with an authority that will check on the directors because too many SACCOs are cropping up nowadays and end up as pyramid schemes. People end up losing a lot of money to such schemes, so we need to these kinds of measures to cushion the citizens who believe in co-operative societies and come up with by-laws which they believe will run the co-operative societies."
}