This constitution has been drafted and published by the National Stokvel Association of South Africa (NASASA) as a set of fundamental principles according to which a Stokvel or any community-based deposit-taking organisation is governed. Together, these principles define the Stokvel group premise. This document is a set of guidelines that a Stokvel group may use to create its own constitution.

NASASA is a self-regulatory organisation authorised by the South African Reserve Bank in terms of Government Notice 404 in Gazette 35368 25 May 2012.

  1. Aims and Objectives


  • To promote personal and group development .
  • To pool funds with a common purpose and outcome.

The aim of this Stokvel is to pool funds for the following purpose:

  1. Membership
  • 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 club.
  1. Stokvel Executive Committee


The executive committee will consist of the following positions:


  1. Chairperson, whose responsibilities are:


  • To lead and prepare the agenda for meetings.
  • Make sure rules are followed.
  • Approve money withdrawal with other executive member.
  • Explore opportunities for enhancing the group’s practices.


  1. Secretary, whose responsibilities are:


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


  1. Treasurer, whose responsibilities are:


  • Keep accurate account of all the group’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 the secretary.


Change of Leadership


  • Members can change the leadership structure if there is a majority vote.
  • Changes in the leadership structure must be announced 60 days prior to the meeting.


  1. Resolutions


  • Each member shall have one vote.
  • A resolution can be passed by simple majority (one more than half of the members present at a meeting).
  • A resolution can only be passed in a meeting where at least half of the Stokvel members are present in person.
  • Shall be by a show of hands, unless a member requests a secret ballot.


  1. Meetings


  • Meetings will be held weekly, fortnightly, monthly or other.
  • A minimum of one third of the members will be required for a meeting.
  • 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.


  1. Joining Fee


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


Please note that NASASA does not levy a joining fee. Such fees are payable only to the group with which an individual is a member.


  1. Contributions


  • Each member will contribute an amount of R………. per meeting.
  • If members contribute different amounts, the minimum will be R……

Please note that NASASA does not levy a membership fee. Such fees are payable only to the group with which an individual is a member.

  1. Benefits
  • Member benefits will be agreed upon by the members and the executive committee.
  • Benefits as well as method’s of distribution may be amended from time to time.
  • Alterations to benefits will be agreed upon by way of group vote.
  1. Beneficiaries
  • If a member passes away, any money they are owed will go to their estate.
  1. Code of Conduct


  • No member will use the name of the Stokvel for personal business purposes or 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.


  1. Meeting Attendance


  • 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 ……… (number) consecutive meetings without a good reason such as illness or being away, he/she will face a disciplinary committee.
  1. Banking


  • The money in the organisation must be deposited into a bank account in the name of the Stokvel.
  • Signing power will be held by ……. (number) persons nominated by the Stokvel.
  • All transactions must be signed by at least ……. (number) of the

nominated persons.

  1. Stokvel Closure


  • In the event that the Stokvel closes, any extra funds and assets of the Stokvel will be shared amongst members according to each members’ contribute on to the Stokvel.
  • Liability and debts will also be shared equally in the Stokvel if such debt is made by the Stokvel.
  1. Change of Constitution


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