Wakoli Bifwoli

All parliamentary appearances

Entries 191 to 200 of 1336.

• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, this Bill is as a result of the reform process that was undertaken by the Attorney-General in the 1990s, when he set up a task force to review the laws relating to companies, investments, partnerships and insolvency. All the stakeholders were represented in that taskforce. We had representation of such institutions as the Kenya Association of Manufacturers, Federation of Kenya Employers, COTU, National Chamber of Commerce and Industry, accountants, chartered secretaries and lawyers, particularly those who specialise in corporate practice. We had representations from eminent industrialists and so on. view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, the reason why the Attorney-General then, who is the one now speaking, set up that task force composed of such personalities is because these were the people who were involved in matters related to company law on a day to day basis. They had complained. The major complaint of the stakeholders was that the company law, the insolvency law, the law relating to investments, the law relating to partnerships, was completely out of date with the modern needs of the Kenyan society. Mr. Temporary Deputy Speaker, Sir, the company law that we have today, Cap.486 ... view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, the hon. Member has commented on something I never even talked about. The fact of the matter is that if he is talking about the first Ministry to get that prize, we, indeed, got it and we still retain the cup. It has not gone to any other Ministry. What I was referring to was not even that. Listen carefully. What I was referring to is that as far as RRI is concerned, the State Law Office was the first to complete that in 100 days. The area we chose for that particular RRI was ... view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker Sir, the objective of the Bill is to develop a modern company law to support a competitive economy in a coherent and simple form. The reforms of the Company law contained in the Bill rest on three key objectives: (a) enhancing shareholder engagement and a long term investment culture. (b) ensuring better regulation. (c) making it easier set up and run a company. (d) providing flexibility for the future. The terms contained in the Bill will affect the role and responsibilities of executives as I can point out and non-executives, including finance and human resource directors. ... view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, the Bill also seeks to introduce various new provisions of private and public companies. The Bill seeks to introduce qualifications existing under common law principles such as those relating to the director’s duties. I will be coming to them to explain how that is done. view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, if I may now look at the Bill, we have Part 1 which deals with the preliminary matters, including definitions of various words, including who is an associate and so on. That is at page 1161. Part II of this Bill provides for the various types of companies that may be incorporated in Kenya; it also provides for the formation of companies. That is the methods for forming the companies, requirements for registration and the effects of registration. It also makes it possible, under Clause 6 at page 1172, for just one person to form ... view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, Part III provides for the constitution of the company; it provides that a company must have Articles of Association. This part also gives the Minister power to prescribe model articles of association to make the registration of companies cheaper and easier. Members, of course, will note that when it comes to, for example, the registration of societies even now, there are models – constitutions of registered societies. So, that is a concept that we have brought to the Companies Act because we would want it to cater for the big ones which are complicated and ... view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, under Part II, you will find issues such as employees’ share scheme – the definition of what that means is not there under the current Companies Act. It will take care of the employees. The modern trend, as we know, is for companies to encourage employees - as part of the incentives - to own shares where they are working. It will not just be employees providing labour, directors earning their salaries and shareholders earning the profits out of the employee’s sweat. The employee, in addition to his salary, is encouraged to own part of ... view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, Part II deals with company formations in general. It defines what a limited and an unlimited company is. It also defines what a private company is and what a public company is. Also in there, is a good definition of subsidiary companies, holding companies and so on. view
• 24 May 2011 in National Assembly: Mr. Deputy Speaker, Sir, with regard to what I had earlier stated relating to the democratic system of running those companies, you will find that under Clause 26, the company is obligated, on the request of a member, to supply all the information therein set out, which the member of that company, that is the shareholder, will want to have access to. view