This constitution has been drafted and published by Vel Xenon, Inc. (the “Association”) as a set of fundamental principles according to which a Stokvel or any community-based deposit taking organization 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.
The Association is a not-for-profit organization, organized under section 501(c)(3) of the Internal Revenue Code.The name of the Stokvel is:
• 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:
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• 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 automatically
become members of the club.
The executive committee will consist of the following positions: a. 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.
b. 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.
c. 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.
• Each member must pay $........ as a non-refundable joining fee.
Please note that the Association does not levy a joining fee. Such fees are payable
only to the group with which an individual is a member.
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Each member will contribute an amount of $.......... per meeting.
• If members contribute different amounts, the minimum will be $......
Please note that the Association 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.
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• If a member passes away, any money they are owed will go to their estate.
• 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.
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• 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 nominated persons.
• 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.
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• 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.
I, ................................................................................. hereby accept the constitution of .....................................................................................(name of Stokvel group)
Signed at ......................................................on this ..........day of .......................20......
................................................... ................................................... Signature Full Name and Surname