Stockvel is a Group of natural persons (Individual Members) amongst whom have a common bond exists to form an invitation only group savings scheme, investor pool or rotating credit scheme. The Stokvel:

• Consists of members who have pledged mutual support to each other towards the the attainment of specific savings/investment objectives.
• Establishes a continuous pool of capital by raising funds by means of the subscription of contributions by members;
• The aggregate value of the stokvel does not exceed R350 000 per annum.
• Provides for members to share in profits and to nominate managers; and
• Relies on self regulation to protect the interest of its members.

Membership per club will be limited to………members.

• Members will supply the stokvel with their personal details (ID number,date of birth and residential address)

Members must obey the Stokvel constitution.

• Should a member die, his or her family will not automatically become members of the club.

Please see three headings below to see what makes up the Executive Committee

To lead and prepare the agenda for meetings.

• Make sure rules are followed and adhered to.

Approve money withdrawals with other executive members.

• Explore opportunities for growing the club.

Keep an accurate record of the club’s activities, namely minutes, correspondence and membership register.

• Maintain communication to make sure all members are informed of all activities of the club.

Have signing powers with the chairperson and treasurer.

Keep accurate account of all the club’s finances and present copies of all the deposit slips.

• Collect money or deposit slips at every meeting.

Have signing powers with the chairperson and secretary.

• Keep up-to-date with financial charges and banking products that could be beneficial to the group.

Meetings will be held ever………………….,from……………to…………….

• A minimum of 10 members will be required for a meeting.

Non-members will not be allowed to sit in the meeting.

• Special meetings will be called when necessary by the executive committee.

Each member must pay a joining fee of R…….. as a non-refundable joining fee

Each member must pay R………..per month.

• If members contribute different amounts, the minimum will be R…………

If a member dies, any money they are owed will go to their family.

No member will use the name of the club for personal business purposes and personal gain.

• Each member will be expected to conduct him or herself in a socially acceptable manner at the meetings.

Members must dress in a socially acceptable manner.

If a member is unable to attend a meeting for whatever reason, he or she must send an apology in writing.

• Should a member fail to attend three consecutive meetings without a good reason such as illness or being away, he/she will face disciplinary committee.

The money in the organisation must be deposited into a bank account in the name of the stokvel.

• Signing power will be held…… by persons nominated by stokvel.

All transactions must be signed with by at least 2 of the nominated persons.

In the event the club closes, any extra funds and assets of the club will be shared amongst member’s contribution to the club.

• Liability and debts will also be shared equally in the club if such debt is made by the club.