Our Constitution

1.  Our Objectives

  • Our objectives are to contribute funds with a common purpose of Investing them and earning interest.

Criteria on the terms of Investments:​

  • Short-term offshore investment

  • Long-term offshore investment

2.  Membership

  • To join the club KYC guidelines apply when applying.  The following details are required: Full names, ID number, Address, email address, phone number, gender, bank account details.

  • A members family/spouse are not automatically part of the club/stokvel.

  • The executive reserves the right to accept or refuse an applicant

3.  The Executive

The executive consist of the following positions:

a. Chairperson, (responsibilities):

  • To spearhead current and future investment products and opportunities together with the services of an investment advisor for the benefit of the club/stokvel.

  • Assist the secretary and the treasurer in their functions.

  • Facilitate money withdrawal, deposits and member correspondence together with the secretary and treasurer.

b.  Secretary, (responsibilities):

  • Managing of the club's/stokvel register.

  • Managing the club's stokvel admin.

  • Facilitate money withdrawal, deposits and member correspondence together with the chairperson and treasurer

c.  Treasurer, (responsibilities):

  • Managing of the club's/stokvel bookkeeping records together with supporting documentation.

  • Facilitate money withdrawal, deposits and member correspondence together with the chairperson and secretary.

Change of Leadership

  • Leadership change can happen by means of voluntary stepping down or by a process of majority vote.

  • Changes in the leadership can happen at anytime when the above process or event has taken place.

4.  Resolutions

  • One vote per member.

  • A majority passes a resolution.

  • All members are required to vote to pass any resolution.

  • Voting is by a show of hands whether presently or by video conference calling.  A secret ballot is also allowed on request.

5.  Meetings

  • Meetings will be held on request once a month.

  • Physical attendance of a meeting is not compulsory, video conferencing is allowed.

  • Non-members are not allowed in any meetings, unless authorized by the collective executive committee.

6.  Joining Fee

  • There is NO JOINING fee required.

7.  Contributions

  • Each member will contribute a minimum amount of R10 000.00 per/annum

8.  Benefits

  • Members benefits up to 11% interest earned on their contributions only.

  • Members will not earn any interest from another members contribution.

  • Members have an option to increase their contributions at anytime.

  • Distributions/payments on interest earned will be by means of a bank account payment.

  • Members have an option to have added benefit to insure their contributions against bankruptcy or insolvency of an investment product.

  • The current investment terms are:

3 months​

6 months

9 months

12 moths

9.  Beneficiaries

  • When a member passes away, all the contributions that belongs to them will go to his/her estate.

10.  Code Of Conduct

  • Usage of the name of the club/stokvel for personal endeavors is prohibited.

  • A formal dress code is required for meetings.

  • Termination or expulsion of membership can happen by means of a majority vote.

11.  Meeting Attendance

  • Meeting attendance is not compulsory unless a voting process has to be taken.  In that case physical or remote attendance is compulsory.

12.  Banking

  • The club/stokvel contributions are only accepted via banking and retail stores channels.  Accounts must be in the club/stokvel name.

  • Signing powers are held by the executive:  Chairperson, Secretary, Treasurer. 

  • All banking operations must be authorized by at least 2 (two) of the executive members.

13.  Club Closure

  • If or when the club/stokvel closes all funds and assets will be shared amongst members according to each members contribution less liabilities or debts if or when debts were incurred.

14.  Declaration

  • Online membership registration constitutes as acceptance of the constitution of Mash Investment Club.