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DFC Constitution

Demo Description

Debt Free Club Constitution

The name of the Stokvel Group is Debt Free Club

1. Aims and Objectives

The purpose of this stokvel is to invest members contribution into a loan book opportunity where members will get returns after the rehabilitation loans have been issued and returns made. To this purpose, the stokvel has identified and partnered up with Credit Gateway (Pty) Ltd (“CG”), Reg No. 2015/417493/07, to fund a loan book up to R10,000,000.00. This will allow the member to invest in and own a share of the loan book contribution and returns. Credit Gateway will issue the loans to full time employed South Africans whose employers have approved a payroll deduction to guarantee payment against the employee loan. The money contributed by the members of the Debt Free Club will go towards funding the loan book. Each investor will receive 12% of interest every twelve months, you can bank it away or can claim it back with the initial amount.

2. Membership

  • The number of members to the Stokvel will not be greater than 2000.
  • Members will supply the Stokvel with their personal details (ID number, date of birth and residential address).
  • Members must abide by the Stokvel constitution.
  • Should a member pass away, his or her family members will not automatically become members of the Stokvel. A resolution must be passed in a meeting by existing members if the deceased family member is to become a member.
  • No under 18 years of age members are allowed. If someone under the age of 18 wishes to participate, their parents/ guardian needs to do it on their behalf.

3. Stokvel Executive Committee

To ensure the stability of the stokvel club he executive committee will consist of three positions which are occupied by the founders of the club and will remain unchanged through the first five years of the club, thereafter the new executives will be selected at an AGM and a board of directors of the club formally established:

a. Founder and Chairperson, whose responsibilities are:

  • Lead the club and represent its mandate and agenda to external parties.
  • Prepare the agenda for meetings and set down dates for meetings
  • Establish and appoint members into Club sub-committees, Make sure rules are followed.
  • Approve money withdrawal with other executive member post a resolution passed in a meeting.
  • Explore opportunities that would enrich the Stokvel and its members.

Full Name: Zibuyisile

Surname: Sibiya

ID or Passport number: 8111280703080

b. Treasurer, whose responsibilities are:

  • Keep accurate account of all the Stokvel’s finances and liaise with the independent accountants that are responsible for audits.
  • Keep a clear record of membership and number of shares in the stockvel
  • Have signing powers with the chairperson and the secretary.
  • Keep up-to-date with financial charges and banking products that could be beneficial to the Stokvel.

Full Name: Nkosenhle

Surname: Gcabashe

ID or Passport number: 011026 5120 086

c. Secretary, whose responsibilities are:

  • Keep an accurate record of the Stokvel’s activities, namely minutes, correspondence and membership register.
  • Have signing powers with the chairperson and the treasurer.
  • Maintain communication to make sure all members are informed of all activities of the Stokvel.

Full Name: Sthakaso

Surname: Zungu

ID or Passport number:

5. Resolutions

  • Each member shall have a vote equal to their financial share in the funded stokvel loan book.
  • A resolution can be passed by a majority of shareholders (one more than half of the shares represented at a meeting).
  • A resolution can only be passed in a meeting where at least two thirds of the Stokvel shareholders are present either in person or by a presentative person that is selected by the absent member through a written and signed letter.
  • A resolution shall be by a show of hands, secret ballot or method as determined by the chairperson.

6. Meetings

  • The stokvel will not have in-person meeting
  • The executive will meet every quarter to discuss club matters and issue a report to members (If there is anything to report)
  • The stokvel is held on the Stokfella platform to avoid the cost of arranging meetings and to ensure that at any time the member may login to view their status and contribution to the club.
  • An annual newsletter and virtual general meeting will be planned and scheduled by the executive, to be held in the month of August.
  • There will be no minimum members required for a meeting, unless the meeting is for voting or to pass new resolutions.
  • Non-members will not be allowed to sit in entire meetings, unless invited by the executive committee.
  • Special meetings will be called when necessary by the executive committee.

7. Contribution Fee

  • Each member will contribute a minimum amount of R10,000.00 once off or  R1,000.00 per month for a period of ten months
  • The contribution is locked in for 36 months when it is deposited once off, or fir 46 months when paid in R1,000.00 instalments
  • If members contribute different amounts, the outstanding or overpaid amount will be carried forward to the next payment date.

8. Joining Fee

  • Each new joining member after inception of the Stokvel will pay a non-refundable joining fee of R650
  • If a member joins after inception of the Stokvel (when we have more than 1,000 members) they will pay a non-refundable joining fee of R1,000

9. Non Payment Fees

  • If a member is unable to pay a contribution fee for whatever reason, he/she must notify the executive committee 30 days prior next payment date and pay a fine of R200 for the missed payment
  • Should a member fail to pay a contribution fee for three consecutive payment dates without a good reason such as loss of employment, he/she will be levied a penalty of R200 per month missed to the maximum of R600 and thereafter be referred to the offboarding process to terminate membership.
  • The executive committee is responsible for consideration of both applications for onboarding into the club and the consideration for offboarding/termination from the club membership.
  • If the committee finds the member has no good enough reasons, then a penalty fee will be charged to the member to settle soonest.
  • If a claim is made by a member who has outstanding contribution fees and/or penalty fees, the fees will be deducted from the claim prior pay-out is made.

10. Benefits

  • Member benefits will be negotiated and periodically communicated by the executive committee.
  • Benefits as well as methods of distribution may be amended from time to time.
  • Alterations to benefits will be agreed upon by way of a resolution being passed in a meeting.

11. Deceased Member

  • If a member passes away, any money they are owed will be transferred to their estate. The laws that govern how a deceased estate is wound up will govern this process.

12. Code of Conduct

  • No member will use the name of the Stokvel for personal business purposes or personal gain without prior written consent by the chairperson or as delegated by the executive committee.
  • Each member will be expected to conduct him or herself in a socially acceptable manner at the meetings.
  • A member code of conduct will be circulated for signature.

13. Meeting Attendance

  • Club meetings are not compulsory, except where it is an elective meeting to pass a resolution.
  • If a member is unable to attend an elective meeting for whatever reason, he or she must send an apology in writing.
  • Should a member fail to attend three consecutive elective meetings without a good reason such as illness or being away, he/she will may be referred to the offboarding process of the club, for consideration by the executive or delegated committee.
  • If the delegated committee finds the member has no good enough reasons, then a penalty fee of not more than R200 per meeting absent will be charged to the member to settle soonest.

14. Exit of Member

  • Members must give 90 days’ notice if he/she wants to terminate membership.
  • A terminated membership will only receive pay-outs at the end of the lock in period as described in 7.2 above.
  • A member terminating membership must settle all outstanding contribution fees and/or penalty if their claims are greater than the total contribution made while being a member unless a resolution is passed by the executive committee not to do so.
  • If a member terminating membership has made no claims since being a member and/or the Stokvel has not made any pay-outs benefiting the member; then a resolution must be passed by the executive committee whether or not to reimburse a percentage of exiting member’s contribution fees.

15. Change of Constitution

  • The votes of two thirds of all the shares in the loanbook of the Stokvel are required to change its constitution.
  • Changes in the constitution must be announced 60 days prior to the meeting.

16. Bridge of Constitution

  • If a member fails to abide by the rules set in this constitution, then he/she will face a disciplinary committee.
  • If a member is found in the wrong through delegated disciplinary committee, then a resolution may be passed to terminate member’s membership.

17. Existing Constitution

  • If there is no existing constitution in place; this constitution will take effect in all activities of the group.
  • If there is an existing constitution in place; this constitution does not override it; it adds to the existing constitution.Bottom of Form


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