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.
- 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:
- 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.
- Stokvel Executive Committee
The executive committee will consist of the following positions:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- If a member passes away, any money they are owed will go to their estate.
- 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.
- 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.
- 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
- 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.
- 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.