Stokvel Rules and Regulations

Similar informal financial associations exist in many different cultures around the world. However, it is not known whether this practice arose spontaneously in each country or through borrowing. Folklore has it that stokvels in South Africa date back to gatherings of African farm workers at agricultural “livestock markets” in the Eastern Cape in the 19th century. • Management changes can only begin once stokvel is registered as a cooperative bank. • The appointment of leaders can only be done by a resolution of accession. • Changes to the governance structure must be announced 60 days prior to the meeting and 30 days prior to its coming into effect. • The change in management does not in any way resolve or affect the non-discretionary mandate of the Group, which is StokFella (Pty) Ltd (hereinafter referred to as StokFella). Participants discussed the use of stokvels to build and improve houses in Khayelitsha and the Eastern Cape; financing the purchase of cars and appliances; caring for children; and to fund cultural processes (such as child initiation, customary marriage payments and funerals). One of the few cases involving a stokvel in South Africa`s Law Reports dates back more than two decades. Given that cases are usually reported that reach at least a high level of court and lead to legal development, this shortage is telling.

It is an investment stokvel whose sole mandate is to buy assets in People`s Funds (thepeople.co.za/campaigns/) campaigns. The proceeds of these assets will be used to establish a Black-owned cooperative bank after a period of 5 years. I, Mzuzukile Soni, ID or passport number 780510******5 hereby authorize and authorize StokFella, in my capacity as Chairman of The People`s Stokvel and in accordance with the instructions of the Group Members, to open a Quick Access Account on the 3PIM ETF System on behalf of the stokvel Group. Nevertheless, the interest rate calculated by Ms. Mndi and her Stokvel was typical of our sample. This case could just as likely have occurred in Khayelitsha among our participants. • In the event of closure of the Stokvel, all additional funds and assets of the Stokvel will be distributed among the members according to the contribution value of each member to the Stokvel. • Liabilities and debts will be equally divided among the Stokvel according to the value of each member`s contribution if these debts are incurred by Stokvel. • Following the closure of Stokvel, StokFella will consider this as a final instruction to close the quick access account on the 3PIM ETF system on behalf of the Stokvel Group.

One. Chair, which is responsible for: • Chairs and prepares the agenda of meetings. • Make sure the rules are followed. • Approve the withdrawal of funds with other executive members based on the Stokvel`s terms of reference. • Explore opportunities that would enrich Stokvel and its members. Full Name: Mzuzukile Surname: Soni Identification or passport number: 780510******5 • There are no monthly meetings for this Stokvel. • An Annual General Meeting is called by the Board of Directors of stokvel if the stokvel can afford it. • Non-members may not attend the entire Annual General Meeting unless requested by the Board of Directors. • Extraordinary meetings are called by the Board of Directors if necessary. Stokvels usually have a constitution that dictates the amount of dues, the timing of payment of accumulated money, and the roles and responsibilities of members.

Each month, a different member receives money from the fund that was raised during that period. The loss of dues is quite rare, because other members know when you have not paid your dues, and also because regular meetings are a reminder of what you will earn when it is your turn. Depending on the type of stokvels, members can use the collected fund for their own use, payment or investment. Secondly, contracts are the basis of this private system and contracts must be respected. Third, despite some difficulties reported to us in enforcing the Stokvel debt, most participants stated that defaults on their Stokvel were rare. The system works. The reason given was the rigorous selection of members. By working with trusted people, the risk of default has been reduced. First, stokvels are part of the informal economy and, as such, are largely outside the scope of the law. Members prefer their own ways of managing conflict and enforcing debts. South African law is not part of the Stokvel contract enforcement process and, in fact, some practices reported to us would be illegal under formal sector law.

On the contrary, a functional system has been developed to govern communities where money is scarce, access to justice is unaffordable, and debts must be repaid for the benefit of all. • The organization`s money is deposited into a quick access account. • The President is appointed and authorized by the Group to bind The People`s Stokvel in establishing a relationship with StokFella or to act on behalf of The People`s Stokvel. • The signing authority and transaction authorization on the StokFella platform option is held by the President, Treasurer and Group Secretary. • Only instructions and authorizations via the StokFella platform approval process will be processed and processed. • As members of the Group, we accept that our President accepts the non-discretionary mandate of StokFella. • If the authorization/instruction given to StokFella on its Platform to pay amounts to third parties (individual or institution that is not a member of stokvel) unconditionally indemnifies StokFella as a member against all losses, damages, costs and expenses that we or any other person of any kind may have, directly or indirectly as a result of Stokvel, deposit amounts (as authorized/instructed) into a third party`s bank account, or do. In any training, clear rules are important. They will be the basis of what is to come.

The Pfukani Burial Society faces challenges stemming from a shaky start that lacks clear rules and regulations to successfully run a well-oiled and functional funeral home. You can also include information about consultation procedures in your articles of association. Think about how decisions are made. If you want to make decisions by voting, please briefly describe the voting criteria. • Management and preparation of meeting agendas. • Make sure the rules are followed. • Authorize the withdrawal of money with another executive member based on Stokvel`s mandate. • Discover the possibilities that would enrich Stokvel and its members. Full Name: Mzuzukile Surname: Soni Identification or passport number: 780510*****5 • There are no monthly meetings for this Stokvel. • A general meeting is called by the Board of Directors of Stokvel if Stokvel can afford it. We spoke with 20 individual members of the stokvel in Khayelitsha, Cape Town, and held two focus groups. Our participants were all members of stokvels which aimed to save money and give loans to members.

Most Stokvels will have a constitution. When a stokvel applies for a bank account, a written version of this constitution is required. It is estimated that one in two adult South Africans is a member of at least one in 800,000 stokvels. South Africans invest around R50 billion a year in Stokvels. I, Mzukile Soni, ID or passport number 780510******5 in my capacity as Chairman of The People`s Stokvel and, in accordance with the instructions of the Group Members, stokFella, Power and Power, to open a quick access account on behalf of the Stokvel Group on the 3PIM ETF system. If you have a bylaw, a more flexible document that outlines the day-to-day operations of your club, your bylaws should also include rules for changing the rules. • If a member does not comply with the rules set out in this Constitution, he will be expelled from the Stokvel and benefits will be paid after 5 years from the formation of the group. By continuing to contribute to the Stokvel, you accept this constitution. Try to find a time when all or most of the club members can meet.

At this meeting, you should discuss the various elements covered in your bylaws, including your club`s name, mission, membership requirements, and officers. For example, you should include rules about the frequency of meetings in your status, but not about the time or location of the meeting. These things are subject to change depending on members` schedules and storage availability. • Benefits are all income from the disbursement of assets acquired by the People`s Funds and contributions paid by the Member during the Period. No costs, debts or losses incurred by stokvel in connection with the membership fee. • Benefits are only paid after 5 years since the foundation of the group. What does this tell us about stokvel ordering processes? Our results suggest that the answer may lie in the fact that members of the stokvel prefer to manage their own affairs through non-governmental means. This is what economists would call “private order.” .