Judah ole Metito

All parliamentary appearances

Entries 721 to 730 of 1895.

• 28 Jul 2015 in National Assembly: Normally when you are forming companies for business purposes, there are very many documents that are required but the most important one is the Memorandum of Understanding and Articles of Association. The constitution of companies which is the Memorandum and Articles of Association provides the manner in which it should be governed. Part III which is under Clause 22 provides the procedure to enable a company amend its articles easily. The part also gives the Cabinet Secretary power to prescribe model Articles of Association. As I have said earlier on, all this is designed to make registration of companies cheaper ... view
• 28 Jul 2015 in National Assembly: companies transparent and open. It should also try to make it cheaper, simple and easier to operate. view
• 28 Jul 2015 in National Assembly: In my view, one of the biggest changes in this law is Clause 316 that provides that every company should have a website. We are in a technological era and information is power. Businesses will always aim at having power and not just money power. Without information, you cannot really achieve that goal of having the profit power. Therefore, in this new law, every company under Clause 316 will be required to have a website. Clause 316(2) provides for the information that can be posted on that website. It should be for public awareness and educating the public about what ... view
• 28 Jul 2015 in National Assembly: Currently, the way it is - I am not talking of the official seal of the company within Kenya - will now allow companies to have the official seal for use outside Kenya. Currently, what you have to specify if you are operating outside Kenya is the location, address, the street and country where you operate from. But now with the official seal that can be allowed to be used outside the country for authentication of its own document; when a company is executing any transaction that is very important and it is in line of promoting regional business integration. ... view
• 28 Jul 2015 in National Assembly: qualifications and how they should be appointed. However, my interest is that it has now made it mandatory that every public company will have, at least, one Company Secretary. Clause 244 says that a private company will not require a Secretary but it will be required to have one. The Bill now puts a condition that if the company has paid up capital of Kshs5 million or more, it would require a Company Secretary. Therefore, if you do not have that, you will not need to have a Company Secretary. Any person from the public who wants to communicate to ... view
• 28 Jul 2015 in National Assembly: Clauses 322 to 403 deal with shares and the share capital of a company which is limited by shares and in particular a provision that provides that it will no longer be possible for a company’s share capital to be converted into stock. This is very important because one of the very important issues I picked from here is that this is now personal property. The shares of a company are personal properties but this clause tends to cure the problem or safeguard Government levies such as stamp duty. I want to finish so that my colleague can get time ... view
• 28 Jul 2015 in National Assembly: What I wanted to say is that at times, people undervalue their ownership in terms of shares in companies. When you are paying stamp duty, you find that you had paid Kshs1,000 as your share in that company but you own several flats. The Government levies like stamp duty only charge you based on Kshs1,000 when in fact, you own Kshs1million in terms of property. Therefore, that undervaluing of share capital in companies is going to be discouraged through this clause. view
• 28 Jul 2015 in National Assembly: Part 27, Clauses 709 to 777 talk about auditing and specify the requirement for auditing. Members of a company will be entitled to require an audit company for auditing their accounts. However, it exempts what they call small and dormant companies. There is also a procedure for you to be clarified as a small company. A small company in the Bill is defined as a company whose turnover in a year is not more than Kshs720 million and the net assets in that year is less than Ksh360 million. A dormant company is a company that has not been active ... view
• 28 Jul 2015 in National Assembly: Clause 779 provides that the Cabinet Secretary by publishing a gazette notice will declare persons that are recognised as being holders of approved foreign qualifications for purposes of auditing. If this Bill becomes law, it will now allow foreign auditors to be auditing or work in our The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor. view
• 28 Jul 2015 in National Assembly: country. We should tread this very carefully so that we do not deny our locals who are very qualified auditors jobs. There is a bar for those with foreign qualifications. Let me just try to think that it means foreign qualifications not really foreigners as persons. We have courses in this country that are accredited externally or are foreign in nature. So, I believe that is what it means. view