Tom Joseph Kajwang'

All parliamentary appearances

Entries 3641 to 3650 of 10308.

• 9 Jul 2015 in National Assembly: Another practice that has emerged which we have buttressed is company secretaries. Company secretaries, like lawyers - and many lawyers are company secretaries - used to earn fees, for lack of a better word. For just stamping a memorandum or an article you are charged Kshs50,000. This was because the law said you must look for somebody called “a company secretary” who is registered, but these guys were taking money for free. The problem was not affecting big businessmen but small people who had to file returns. The latter had to look for these guys, but most often than not ... view
• 9 Jul 2015 in National Assembly: We have said that there are small businessmen and women who do not have to look for these company secretaries. If you are processing turnovers of say Kshs5 million, you do not have to look for a company secretary. You simply fill in those forms and file your returns. But again for bigger companies, because we want to instill good governance in them, if your turnover exceeds Kshs5 million going to Kshs10 million, it is by law compulsory that you must now look for a company secretary to strengthen your governance systems and accounting systems. Therefore, it will strengthen the ... view
• 9 Jul 2015 in National Assembly: Over the page, there are the thresholds on Part XII of the Bill. Part XI deals with derivative actions. Third parties swindled people because they were not related principally to the contracts that happened between persons. If you bought goods, you and the shopkeeper were directly related but the other person who had sourced the goods was a third party. If you tried suing him, you would not have direct relationship with him. So, we have created derivative actions in which third parties fall almost at the same footing as second parties. You will see that on Part XI on ... view
• 9 Jul 2015 in National Assembly: The last aspect I want to talk about because I know that my friends have equally taken time to read through this Bill has to do with public companies. We want to protect public companies because we want to protect public funds. We have said in this Bill, for example, that there are thresholds of information that public companies must give as a matter of fact to the Registrar. This way, we are able to protect persons who are trading with public money and even authorities, institutions or agencies that are trading with public money so that there is more ... view
• 9 Jul 2015 in National Assembly: Hon. Temporary Deputy Speaker, you realize that this is a general premise of legislative proposals. After this, it will be necessary for regulations to follow. We have taken up what is detailed and left this with bones only, so that what is detailed will be in the regulations to support the legislative framework. That way, we are able to separate what is necessary for legislation from what is necessary for administrative action. We have given the registrar an opportunity to work around some of the things which are administrative and not legal. That is why there are transitional provisions, which ... view
• 9 Jul 2015 in National Assembly: The other thing that has happened is that it has gone through a lot of stakeholder forums. Professional bodies have discussed this Bill. It has been discussed by the Law Society of Kenya, the Certified Public Secretaries and the Certified Public Accountants of Kenya. Businessmen must be watching to find out what will change their business practices. I want to assure them that this Bill will make business easier, more profitable, simpler and cheaper. Therefore, they should not fear that the National Assembly is repealing the whole system of doing business. Yes, we are repealing a system that is not ... view
• 9 Jul 2015 in National Assembly: Hon. Temporary Deputy Speaker, I am concerned about foreign investors. Before, there was no legal framework for controlling them. Yes, we want to attract a lot of investments and returns on our businesses, but we must also control how they interface with our local community. We must also see how to encourage our domestic production and businessmen. In this Bill, you will find very clear terms on how foreign investments will interface with local investments. The Bill addresses things that we used to have problems with in procurement law. A company is registered in India, and has no relationship whatsoever ... view
• 9 Jul 2015 in National Assembly: Right now, we have regulated them, so that foreign investments will have to be registered in Kenya. We have dedicated a whole chapter to how they will be registered locally, so that the competition in business becomes fair not only for the locals but also for the international community. I urge my colleagues that we should find it possible to approve this Bill. Again, we 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
• 9 Jul 2015 in National Assembly: have several amendments that have been proposed for the Committee Stage where we will still refine it more to make it much better and swifter. view
• 9 Jul 2015 in National Assembly: With those remarks, I beg to support. view