Corporate News
By EDWIN MUTAI
All property transactions will have to be conducted
through banks if Parliament enacts a new law on registration of property
as requested by a petitioner.
Mr Gitonga Wathanga has petitioned the National Assembly to
enact a law that will also make it mandatory for names of bank account
holders in such transactions to be those of the buyers and sellers.
Mr Wathanga wants the law on registration of
properties to include land, buildings, motor vehicles, motorbikes,
stocks, aeroplanes, ships, helicopters and any other real property.
National Assembly Speaker Justin Muturi conveyed to
the House Mr Wathanga’s petition asking Parliament to enact the
legislation.
“The petitioner prays that the National Assembly,
through the departmental committee on Justice and Legal Affairs,
initiates the process of enacting legislation in regard to registration
of properties and amend the relevant sections of the law to provide for a
mandatory requirement for registration of properties by the owners, and
for establishment of a property registry in the office of the
Attorney-General to ensure that all property transactions undertaken by
banks bear the names of the buyers and sellers, as account holders,” Mr
Muturi told MPs.
He was communicating receipt of the petition that
requires the Speaker to report to the House any petition other than
those presented through MPs.
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