What are the rules of a stokvel?
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.
Does Absa have a stokvel account?
Enjoy the great benefits of our Grocery Stokvel Account Saving for groceries with a group of people is easy with a Grocery Club Account.
What are the rules and benefits of a stokvel?
Benefits
- 10% on grocery or school supplies when shopping at selected stores.
- R10 000 burial cover for each member (R20 per month per member).
- Zero account maintenance fees.
- Access to a Nedbank pay-as-you-go account on the Nedbank Money app, with no monthly maintenance fees.
How do I start a legal stokvel?
Starting your stokvel is easy:
- Decide on the type of stokvel and the rules.
- Recruit members from your inner circle.
- Open a stokvel account. All major banks in South Africa have stokvel accounts.
- Put money in.
- Reap the rewards.
Are stokvels legal?
There are stokvels that register as companies, partnerships and, in the past, as closed corporations, but the most common forms are informal, unregistered stokvel agreements. This means that no legal action can be pursued against the stokvel itself, but only against a member or members thereof.
Is a stokvel a legal entity?
Stokvels are mostly informal savings clubs where members agree to pool money together in order to reach a common objective. Because a Stokvel is an informal entity, it cannot enter into a legal agreement to purchase a property.
What is a stokvel Constitution?
Stokvels generally have a constitution which dictates the size of the contributions, when the accumulated money is to be paid out and the roles and responsibilities of the members. Each month a different member receives the money in the fund, which was collected during that period.
How many people are needed to open a stokvel account?
What you’ll need: At least 5 members from your stokvel, savings club or burial society. A minimum of 2 to maximum of 4 signatories.
Who are members of stokvel?
Stokvels are invitation-only clubs of twelve or more people serving as rotating credit unions or saving schemes in South Africa where members contribute fixed sums of money to a central fund on a weekly, fortnightly or monthly basis.
How does R200 stokvel work?
How do these work? People are recruited to join a WhatsApp stokvel group (using a WhatsApp chat group) by paying a joining fee. So, in order to be added to the group, you have to pay up. The average joining fee is R200, with the promise of around R1 000 return if you recruit two people into the group.
What is a stokvel constitution?
Are stokvels regulated in South Africa?
South African law is not part of the stokvel contract enforcement process, and indeed some practices reported to us would be illegal under formal sector law.
How old do you have to be to be a member of the stokvel?
• 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. • The membership of this group is a 5 year lock-in period of funds starting 30th of November 2017. • No under 18 years of age members are allowed.
How are members of the people’s stokvel limited?
Membership • The number of members to the Stokvel is not limited unless a resolution is passed in a meeting by existing members. • Members will supply the Stokvel with their personal details (ID number and residential address) when requested. • Members must abide by the Stokvel constitution.
How is a resolution passed in the stokvel?
• 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 or electronically through a vote where at least two thirds of the Stokvel members take part either in person or electronically or by a presentative person (proxy vote).
What are the benefits of the people’s stokvel?
• Benefits are any proceeds received from the payout of assets purchased from The People’s Funds and contributions made by the member during the period. Excluding any expenses, debt or losses incurred by the stokvel in proportion to member’s contribution.